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THURSDAY, NOVEMBER 23, 1989
COMPANIES (WINDING-UP) (AMENDMENT) RULES 1989 TO BE GAZETTED
THE GOVERNMENT TODAY (THURSDAY} ANNOUNCED TWO AMENDMENTS TO THE COMPANIES (WINDING-UP RULES OF THE COMPANIES ORDINANCE.
"THE COMPANIES (WINDING-UP) I AMENDMENT) RULES 1989, WHICH WERE APPROVED BY THE LEGISLATIVE COUNCIL YESTERDAY (WEDNESDAY), INTRODUCE TWO AMENDMENTS TO EXISTING PROVISIONS," A GOVERNMENT SPOKESMAN SAID.
"RULE 28(1) IS AMENDED TO ENABLE A PETITIONER TO APPLY FOR THE APPOINTMENT OF A PROVISIONAL LIQUIDATOR AFTER PRESENTATION OF THE WINDING-UP PETITION TO THE COURT, HE SAID.
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THE PRESENT RULE PROVIDES FOR AN APPLICATION BY A CONTRIBUTORY, OR BY THE COMPANY ITSELF.
CREDITOR,
"THE PURPOSE OF THE AMENDMENT IS TO GIVE THE RELEVANT REGULATORY AUTHORITIES AN EXPRESS RIGHT TO PETITION FOR THE APPOINTMENT OF A PROVISIONAL LIQUIDATOR IN APPROPRIATE CIRCUMSTANCES, THE SPOKESMAN POINTED OUT.
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AT PRESENT, THE FINANCIAL SECRETARY, THE INSURANCE AUTHORITY, THE SECURITIES AND FUTURES COMMISSION AND THE COMMISSIONER OF BANKING ALL HAVE POWERS то PRESENT WINDING-UP PETITIONS UNDER THEIR RESPECTIVE ORDINANCES.
"ANY SUCH PETITIONS ARE FREQUENTLY FOLLOWED BY APPLICATIONS FOR THE APPOINTMENT OF A PROVISIONAL LIQUIDATOR IN ORDER TO SAFEGUARD THE ASSETS OF THE COMPANY AND TO PRESERVE THE BOOKS AND FINANCIAL RECORDS, AND IT IS APPROPRIATE THAT THE RELEVANT AUTHORITY IN HIS CAPACITY AS PETITIONER SHOULD BE ABLE TO MAKE THE APPLICATION,' THE SPOKESMAN SAID.
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"RULES 93011 IS AMENDED TO MAKE IT CONSISTENT WITH SECTION 217 OF THE COMPANIES ORDINANCE, WHICH PROVIDES THAT CREDITORS WHO DO NOT PROVE THEIR DEBT OR CLAIM ON OR BEFORE THE DATE FIXED BY RULE (93)(1) ARE EXCLUDED FROM THE BENEFIT OF THE DISTRIBUTION MADE NEXT AFTER THE DATE AND FROM THE BENEFIT OF ANY PREVIOUS DISTRIBUTION." HE SAID.
UNDER THE EXISTING RULE. CREDITORS WHO FAIL ΤΟ PROVE WITHIN THE TIME-LIMIT ARE EXCLUDED FROM THE NEXT DISTRIBUTION, AUT NOT FROM PREVIOUS DISTRIBUTIONS.
THE SPOKESMAN ADDED THAT THE RULES WOULD BE GAZETTED (FRIDAY) AND WOULD COME INTO EFFECT ON THE SAME DAY.
TOMORROW
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