36
WEDNESDAY, JULY 25, 1990
"THE ADDITION TO SECTION 209A(1)(B)
OF
DATE' IS TO MAKE THE TIME PERIOD IN THIS SUB-SECTION THAT IN SECTION 209A(1)(A).
"THE PROPOSAL TO AMEND SECTION 209A(3)
REQUIRED TO DIRECT THAT THE COURT IS ONLY CREDITORS AND CONTRIBUTORIES IN RESPECT OF UNDER SECTION 227F."
THE WORDS
* FROM CONSISTENT
THE WITH
MAKE ΤΟ IS
SEPARATE
IT CLEAR MEETINGS OF
PROCEDURE SUMMARY
ORDERS
OTHER CASES,
TO MAKE MR NENDICK SAID
AT THE ASCERTAINED BE CREDITORS AND CONTRIBUTORIES AS TO WHETHER
USUALLY
UNDER SECTION APPLICATION WOULD
MEETINGS SEPARATE TWO HOLD MEETING (OR ANY ADJOURNED MEETING) HELD WOULD NOT BE NECESSARY TO THESE ISSUES.
ALL IN THAT
THE WISHES A SECTION 209A FIRST STATUTORY AND IT 194,
TO CONSIDER
OF
THAT
"THE AMENDMENT TO SECTION 209C(2) IS NECESSARY TO CLARIFY
OF THE COMMENCEMENT THE TRANSITIONAL PROVISIONS WILL ONLY APPLY TO A COMPANY WOUND UP BY OF THE COURT AFTER AUGUST 30, 1983 AND BEFORE THE
UNDER THE PROVISIONS AMENDING ORDINANCE, AND CREDITORS OF SUCH COMPANIES ARE GIVEN A THREE- MONTH GRACE PERIOD TO APPLY FOR CONVERSION THE FORMER LAW,
HE ADDED.
TIME-COSTING WILL POSE ADMINISTRATIVE PROBLEMS
AN FOR MAKING OF THE MAJOR CONCERNS ON THE COMPANIES (AMENDMENT) (NO. 4)
CREDITORS BILL 1990 WAS RELATED TO THE ISSUE OF TIME LIMIT
THE LEGISLATIVE APPLICATION FOR CONVERSION OF A COMPULSORY WINDING-UP TO A VOLUNTARY WINDING-UP, THE HON MARTIN BARROW SAID IN COUNCIL TODAY (WEDNESDAY).
THE DATE
CREDITORS OR WITHIN
FOR OF A
AND SUCH
HE NOTED THAT SECTION 209A STIPULATED THAT AN APPLICATION
WITHIN THREE MONTHS OF BE MADE SHOULD CONVERSION
FIRST MEETING OF THE AT PASSED
ANY ADJOURNMENT OF THAT MEETING CONTRIBUTORIES OR FURTHER PERIOD AS THE COURT MIGHT PERMIT.
RESOLUTION
THE
MR BARROW SAID OF THE RESUMED DEBATE ON THE BILL, SPEAKING IN
OFFICE COULD DEPUTATIONS FROM CONCERNED GROUPS, INCLUDING THE HONG KONG BOCIETY
BY THE WORK DONE
BB ACCOUNTANTS, SUGGESTED THAT IF THE OFFICIAL RECEIVER'S
COULD WINDING-UP ON A TIME-COSTING BASIS, FEES FOR THE FUNCTION
RESPECT OF A COMPULSORY OFFICIAL RECEIVER RECOVERED, AND SUCH A TIME LIMIT WOULD THEN BE UNNECESSARY.
SYSTEM OF THE AD HOC GROUP WAS INFORMED THAT THE CHANGE TO A
ADMINISTRATIVE PROBLEMS WOULD INVOLVE VERY SUBSTANTIAL TIME-COSTING FOR THE OFFICIAL RECEIVER, HE SAID.
/"HAVING CONSIDERED