WEDNESDAY, JULY 25, 1990
37
WE FEEL
"HAVING CONSIDERED THE VIEWS OF THE ADMINISTRATION, THAT THERE ARE REAL DIFFICULTIES FOR THE OFFICIAL RECEIVER'S OFFICE TO MAINTAIN A TIME-COSTING SYSTEM AND THAT REGARD MUST BE GIVEN TO THE OF THE OFFICIAL EXISTING POLICY ON THE FINANCING ADMINISTRATION'S RECEIVER'S OFFICE.
"WE
IS
WORK TO A
ALSO CONSIDER IT UNFAIR TO THE OFFICIAL RECEIVER IF HE
NOT
PAID A FEE AFTER HE HAS CARRIED OUT MOST OF THE PRELIMINARY IN A COMPULSORY LIQUIDATION SIMPLY BECAUSE OF THE CONVERSIONS CREDITORS' VOLUNTARY WINDING UP.
"IT IS ALSO FELT THAT PEOPLE WHO USE THE SERVICE
IT: FOR SHOULD PAY OFFICE RECEIVER'S OFFICIAL JUSTIFICATION FOR ANY SUBSIDY FROM THE TAXPAYER'S MONEY,
THE
PROVIDED BY
THERE
IS
NO
ESSENCE, WE AGREE THAT THE PROVISION SHOULD BE LEFT AS
IT
WAS
COURT
"IN IS," HE SAID.
MR BARROW SAID THE SECOND MAIN CONCERN OF THE AD HOC GROUP RELATED TO THE OFFICIAL RECEIVER'S RIGHT OF AUDIENCE BEFORE THE ON THE HEARING OF AN APPLICATION FOR CONVERSION.
APPROPRIATE
FOR
THE
HE SAID THE AD HOC GROUP FOUND IT WAS OFFICIAL RECEIVER TO BE GIVEN THE RIGHT TO BE HEARD ON ANY APPLICATION ΤΟ CREDITORS' SINCE THE EFFECT OF A CONVERSION FOR CONVERSION
THE COURT'S WAS TO REMOVE A LIQUIDATION FROM VOLUNTARY WINDING-UP SUPERVISION AND THERE MIGHT BE GOOD REASONS IN THE PUBLIC INTEREST WHY AN APPLICATION SHOULD BE SUPPORTED OR OPPOSED.
THE
FEAR THAT PROVISION WILL CREATE MORE COST
DEADLINE
OF A
FOR CONVERSION THREE-MONTH WINDING-UP TO A CREDITORS' VOLUNTARY WINDING-UP UNDER
4) BILL 1990 WOULD CREATE MORE (AMENDMENT) (NO. INSTEAD OF STREAMLINING THE OPERATION OF THE OFFICIAL HON PETER WONG SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MOST SIMPLE
COMPULSORY THE COMPANIES RED-TAPE AND COST RECEIVER,
THE
SAID THE WOULD WOULD LIQUIDATORS JUST TO PROTECT
SPEAKING IN THE RESUMED DEBATE ON THE BILL, MR WONG HONG KONG SOCIETY OF ACCOUNTANTS WAS FEARFUL THAT THE DEADLINE
CASES, MEAN THAT IN
TIME OF EXTENSION AN AUTOMATICALLY THEMSELVES AGAINST ANY UNFORESEEN CIRCUMSTANCES.
ALL BUT THE APPLY FOR
POINT
FIXED PERCENTAGE
WONG, WHO ABSTAINED FROM VOTING ON THE BILL, SAID THE WAY THE INEQUITABLE OF ACCOUNTANTS WAS OF CONTENTION
BY THE OFFICIAL RECEIVER WERE CHARGED LIQUIDATIONS UNDERTAKEN
AND REALISED
BANK BASIS ON BOTH ASSETS
MAIN
THAT
ON A DEPOSIT
INCOME.
/"IT IS
I