~
FRIDAY, JANUARY 8, 1988
NAMES GENERALLY,
ON THE SUBJECT OF COMPANY GENERAL, MR NOEL GLEESON, EXPRESSED DISSATISFACTION WITH SYSTEM AS LAID DOWN IN THE COMPANIES ORDINANCE.
"THIS ESTABLISHED A PROCEDURE WHEREBY A RESERVED BEFORE THE COMPANY IS INCORPORATED.
THE
REGISTRAR THE PRESENT
COMPANY NAME
CAN BE
INVOLVED A
OR
"IDEALLY THIS WAS A GOOD SYSTEM BUT IN PRACTICE IT
DELAY
OR OF FOUR
FIVE WEEKS BEFORE THE NAME COULD BE REJECTED RESERVED," MR GLEESON SAID.
"
APPLICATIONS
AND THE NEED NAMES OF THE SUBJECTIVE JUDGMENT IDENTICAL WITH AN ΤΟ BE
THIS WAS BECAUSE OF THE VOLUME OF FOR STAFF TO CHECK EACH AND EVERY NEW NAME AGAINST THE EXISTING 185,000 REGISTERED COMPANIES AND MAKE A IN EACH AND EVERY CASE TO SEE IF THE NEW NAME WAS EXISTING COMPANY NAME OR "SO NEARLY CALCULATED TO DECEIVE", HE ADDED.
RESEMBLES THAT NAME AS
A NEW COMPANY THE REST OF THE PROCEDURE FOR INCORPORATION OF
WAS TOOK ABOUT TWO WEEKS, SO THE WHOLE PROCEDURE, ASSUMING EVERYTHING IN ORDER, NOW TOOK ABOUT SIX WEEKS OR MORE.
THIS WAS DESPITE STAFF INCREASES, OVERTIME AND COMPUTERISATION, AND THERE WAS NOW A BACKLOG OF SOME 8,000 COMPANY NAMES APPLICATIONS.
AND
HE SAID THIS WAS NOT IN THE INTEREST OF HONG KONG DOMESTICALLY MIGHT EVEN AFFECT HONG KONG'S
POSITION COMPETITIVE INTERNATIONALLY SINCE IN OTHER COMMERCIAL CENTRES IT WAS INCORPORATE A COMPANY IN MUCH LESS TIME, IN SOME CASES
DAYS.
MR GLEESON SAID CONTINUED STAFF INCREASES WAS
NOTABLY AND HE WAS LOOKING INSTEAD AT OTHER SYSTEMS, KINGDOM WHERE A NEW NAME WAS REFUSED ONLY WHERE IT WAS AN EXISTING NAME.
HAD IT'S
POSSIBLE TO WITHIN A FEW
NOT THE ANSWER IN THE UNITED WITH IDENTICAL
DISADVANTAGES
AND
HE HAD
HOWEVER, THAT SYSTEM TOO REFERRED THE PROBLEM TO THE STANDING COMMITTEE ON COMPANY LAW REFORM.
REGISTRAR OF BREACHES OF THE ANNUAL RETURNS WITH
TAKEN BY THE THE TOTAL NUMBER OF PROSECUTIONS COMPANIES AGAINST COMPANIES AND THEIR DIRECTORS FOR COMPANIES ORDINANCE, MAINLY FOR FAILURE TO FILE ACCOUNTS, LAST YEAR WAS 216.
ANOTHER 208 SUMMONSES WERE OUTSTANDING FROM 1986.
OF THIS TOTAL OF 424 SUMMONSES, 261 RESULTED IN CONVICTIONS (COMPARED WITH 233 IN 1986) AND 85 REMAIN TO BE HEARD BY THE COURT.
THE TOTAL AMOUNT OF FINES IMPOSED FOR CONVICTIONS IN $343,413, COMPARED WITH $477,923 IN 1986.
1987 WAS
INDICATED MR GLEESON SAID THE FIGURES FOR 1987 EXPANSION OF HONG KONG'S ECONOMY IN THE MAIN AREAS THAT CONCERNED INSURANCE DEPARTMENT:
PATENTS, LAND, COMPANIES, TRADE MARKS AND INSOLVENCY, DURING THE YEAR.
A SIGNIFICANT
HIS AND
13