WEDNESDAY, JULY 12, 1989
- 3
ON A SUGGESTION TO SPECIFICALLY LIMIT THE APPLICATION OF THIS OUT LAW TO TRANSACTIONS TAKING PLACE IN HONG KONG, MR BARNES POINTED THAT CLAUSE 25 CLEARLY STATED THAT A PERSON MUST ENTER INTO AN ARRANGEMENT BEFORE HE COULD COMMIT AN OFFENCE.
"THERE IS NO NEED FOR THE LAW TO STATE THAT ENTERING INTO AN ARRANGEMENT MUST TAKE PLACE IN HONG KONG BECAUSE THERE IS A COMMON LAW PRESUMPTION THAT, IN THE ABSENCE OF CLEAR AND
WORDS, COMPELLING STATUTES WILL NOT BE GIVEN EXTRA-TERRITORIAL EFFECT," HE SAID.
"LAWS IN HONG KONG ARE ALL DRAFTED ON THE BASIS OF THIS
AND THERE IS NO REASON TO DEPART FROM THE PRESUMPTION
IN PRINCIPLE
THIS CASE, HE ADDED.
||
BE
"NEVERTHELESS, IN VIEW OF THE CONTINUING CONCERN OF THE FINANCIAL SECTOR, I AGREE THAT THIS PART OF THE LEGISLATION SHOULD KEPT UNDER REVIEW IN THE LIGHT OF PRACTICAL EXPERIENCES GAINED ITS OPERATION AND THAT A REPORT SHOULD BE MADE TO THIS COUNCIL IN COURSE," MR BARNES SAID.
FROM DUE
POINTED
TO CONCERN TURNING
THAT THE OPERATION OF RESTRAINT ORDERS SHOULD NOT BE ALLOWED TO HURT BONA FIDE CREDITORS, MR BARNES OUT THAT THIS WAS NOT THE INTENTION OF THE LEGISLATION.
"IN THE UNITED KINGDOM IT HAS BEEN ACCEPTED BY. THE COURTS THAT RESTRAINT ORDERS MADE UNDER THE DRUG TRAFFICKING OFFENCES ACT, THE LEGISLATION CORRESPONDING 'TO OUR OWN BILL, OPERATE ON SIMILAR PRINCIPLES TO THE LEGALLY WELL KNOWN 'MAREVA' INJUNCTIONS IN CIVIL LAW.
THAT CREDITORS IN DEBTS, LIVING
"THUS, IN MAKING A RESTRAINT ORDER, THE COURT WILL ENSURE IT DOES NOT OPERATE OPPRESSIVELY AGAINST THIRD PARTY RESPECT OF A DEFENDANT'S BONA FIDE BUSINESS AND TRADE EXPENSES, LEGAL EXPENSES AND OTHER SIMILAR EXPENSES," HE SAID.
MADE IN THE SUPREME COURT RULES FOR CONDITIONS AND EXCEPTIONS TO BE ATTACHED TO RESTRAINT COURTS
"PROVISION
WILL BE
SHOULD THUS
ENSURE
PREJUDICED," HE ADDED.
THAT BONA
THE
FIDE
ORDERS.
THE
CREDITORS
ARE
NOT
OTHER AMENDMENTS RELATED TO THE CHINESE TEXT OF THE BILL WHICH
ON OMLECO SUB-GROUP
THE WAS THE RESULT OF PAINSTAKING WORK BY CHINESE TEXT, MR BARNES SAID.
EFFECTS LEGISLATION
SECURITY POINTED OUT THAT THE FINANCIAL BEING JUSTIFIABLY CONCERNED ABOUT THE POSSIBLE
ON THEIR OPERATIONS, HAD ASKED THAT THE
IMPLEMENTED FOR AT LEAST THREE MONTHS AFTER ITS
THE
SECRETARY FOR
INSTITUTIONS,
OF CLAUSE 25
SHOULD NOT
BE
ENACTMENT.
/"HOWEVER,