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WEDNESDAY, JUNE 22, 1988
HEARING OF CONTESTED WINDING-UP PETITIONS
*
THE PROVISIONS OF THE COMPANIES (AMENDMENT) (NO. 2) BILL 1988 WILL ENABLE THE COMPANIES JUDGE TO GIVE MORE TIME TO THE HEARING OF CONTESTED PETITIONS FOR THE WINDING-UP OF COMPANIES BT ALLOWING THE SUPREME COURT MASTERS TO HEAR UNCONTESTED PETITIONS.
THE CHIEF SECRETARY, SIR DAVID FORD, SAID THIS LEGISLATIVE COUNCIL TODAY (WEDNESDAY) WHEN MOVING THE SBCOND OF THE BILL.
IN THE READING
HE EXPLAINED THAT THE BILL WAS VERY SIMILAR IN ITS GENERAL INTENT TO TIE BANKRUPTCY (AMENDMENT) BILL ON WHICH HE HAD JUST SPOKEN.
"A PETITION TO WIND UP A COMPANY IS PRESENTED COURT REGISTRY, WHEN A DATE FOR HEARING IS APPOINTED,
AT THE SUPREME ++ HE SAID.
"IT IS THEN ADVERTISED AND SERVED UPON THE COMPANY, UNLESS PETITION IS PRESENTED BY THE COMPANY ITSELF.
THE
"ANYONE WHO WISHES TO OBJECT ΤΟ THE PETITION FOR THE WINDING-UP OF A COMPANY MUST FILE AN AFFIDAVIT FOR SUCH PURPOSE WITHIN SEVEN DAYS OF THE DATE ON WHICH THE PETITION IS FILED.
"IF A PETITION IS UNCONTESTED, IT IS SET DOWN WITH OTHERS ON THE UNOPPOSED LIST FOR HEARING THE SAME MORNING.
"IT IS THESE HEARINGS WHICH ARE NOW PROPOSED ΤΟ BE BEFORE A MASTER OF THE SUPREME COURT, RATHER THAN THE COMPANIES JUDGE.
"IN THE EVENT OF LATE OPPOSITION TO A PETITION ON THE UNOPPOSED LIST, THE PETITION MAY CEASE TO BE UNOPPOSED AND THE MASTER WILL REMIT IT TO THE COMPANIES JUDGE. THE MASTER MAY ALSO REMIT TO THE JUDGE ANY MATTER OF COMPLEXITY."
DEBATE ON THE BILL WAS ADJOURNED.
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