WEDNESDAY, MAY 30, 1990
FOR NAME
"TO THIS END, FACILITIES
SEARCHES WILL BE MADE AVAILABLE TO THE PUBLIC FREE OF CHARGE AT THE PUBLIC SEARCH AREA OF THE COMPANIES REGISTRY," HE SAID.
ON
A TRANSITIONAL PERIOD, SIR PIERS SAID MANY PROFESSIONAL FIRMS HAD BUILT UP "NAME BANKS OF RESERVED NAMES IN THE COMPANIES REGISTRY,
ΤΟ AVOID A RUSH TO RUN DOWN THESE NAME BANKS, IT WAS PROPOSED THAT THERE SHOULD BE A TRANSITIONAL PERIOD OF THREE MONTHS BEFORE THE NEW SYSTEM CAME INTO FORCE.
"FROM THE START OF THIS PERIOD, NO NEW APPLICATION FOR NAME RESERVATION OR FOR RENEWAL OF RESERVATION WILL BE ACCEPTED, AND UNPROCESSED APPLICATIONS WILL BE DROPPED.
THE
"IT WILL STILL BE POSSIBLE TO INCORPORATE A COMPANY DURING TRANSITIONAL PERIOD, EVEN IF THE NAME OF THE COMPANY HAS NOT BEEN RESERVED.
"HOWEVER, AT THE END OF THE TRANSITIONAL PERIOD, ALL RESERVED
NAMES STILL UNUSED WILL LAPSE, HE SAID.
DEBATE ON THE BILL WAS ADJOURNED.
BILL INTENDED TO REMEDY WEAKNESSES IN PROCEDURE
THE COMPANIES (AMENDMENT) (NO. 4) BILL 1990 IS INTENDED TO REMEDY WEAKNESSES IN THE PROCEDURE FOR CONVERSION FROM A COMPULSORY WINDING-UP OF A COMPANY TO A CREDITORS' VOLUNTARY WINDING-UP, THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MOVING THE SECOND READING OF THE BILL, SIR PIERS SAID SECTION 209A OF THE COMPANIES ORDINANCE, INTRODUCED IN 1984, PROVIDED THAT THE COURT MIGHT, UPON APPLICATION BY THE LIQUIDATOR OR ANY CREDITOR, ALLOW A COMPULSORY WINDING-UP TO BE CONVERTED AND CONDUCTED AS IF IT WERE A CREDITORS' VOLUNTARY WINDING-UP, AND THIS PROVISION WAS CONSIDERED UNSATISFACTORY.
SIR PIERS EXPLAINED THAT THE OFFICIAL RECEIVER WAS APPOINTED LIQUIDATOR IN MOST COMPULSORY WINDING-UP PROCEEDINGS ORDERED BY A COURT, BUT NOT IN A VOLUNTARY WINDING-UP.
**WHEN HE IS APPOINTED AS LIQUIDATOR, THE OFFICIAL RECEIVER CHARGES FEES PROPORTIONATE TO THE AMOUNT OF ASSETS REALISED
ORDER TO RECOVER THE COST OF THE WORK DONE, HE SAID.
IN
++
/HOWEVER, SECTION