THURSDAY, OCTOBER 17, 1991
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A SPECIAL MANAGER WOULD PRESENT HIS BILLS TO THE OFFICIAL RECEIVER ON A PERIODIC BASIS, AND IF APPROVED BY THE OFFICIAL RECEIVER, THEY WERE SENT TO THE COURT FOR TAXATION OF HIS FERS.
IF THE OFFICIAL RECEIVER WAS NOT SATISFIED WITH THE PERFORMANCE OF A SPECIAL MANAGER AND THE STAFF HE WAS EMPLOYING ON AN INDIVIDUAL COMPANY LIQUIDATION, HE MIGHT TELL THE COURT, THAT HE WAS REFUSING TO PAY THE BILL AND MIGHT APPLY TO WITHDRAW THE APPOINTMENT AND APPOINT ANOTHER SPECIAL MANAGER TO ACT IN HIS PLACE.
AS REGARDS THE PERFORMANCE OF SPECIAL MANAGERS IN TERMS of VALUE FOR MONEY, HE SAID THIS COULD BE PROPERLY ASSESSED ONLY IN RELATION TO THE SPECIFIC REQUIREMENTS OF INDIVIDUAL LIQUIDATIONS.
HOWEVER, RELEVANT FACTORS MIGHT INCLUDE WHETHER THE REALISATION AND COLLECTION OF ASSETS FOR DISTRIBUTION TO CREDITORS WAS CARRIED OUT EXPEDITIOUSLY; WHETHER Á TIMELY AND THOROUGH ASSESSMENT WAS MADE OF THE EXTENT OF THE LIABILITIES OF THE COMPANY CONCERNED, AND THE HANDLING OF ANY INVESTIGATION INTO THE CONDUCT OF DIRECTORS) HE SAID.
A SPECIAL MANAGER IS REQUIRED TO FILE ACCOUNTS OF RECEIPTS AND PAYMENTS WITH THE OFFICIAL RECEIVER AND WOULD REPORT TO AND MEET THE OFFICIAL RECEIVER ON A REGULAR BASIS.
IN THE COURSE OF CARRYING OUT HIS WORK, A SPECIAL MANAUER. UNDERTOOK SIMILAR RESPONSIBILITIES TO THOSE OF A LIQUIDATOR AND HAD A SIMILAR GENERAL DUTY OF CARE TO THE LIQUIDATOR, THE COMPANY THE CREDITORS AND THE CONTRIBUTORIES.
THE NETED THAT SECTION 276 OF THE COMPANIES ORDINANCË PROTECTED THE INTERESTS OF CREDITORS AND CONTRIBUTORIES BY PROVIDING FOR THEM TO SEEK REDRESS THROUGH THE COURT FOR ANY MISFEASANCE OR BREACH OF DUTY BY A LIQUIDATOR OR RECEIVER IN RELATION TO THE COMPANY BEING WOUND UP.
THE TERM COVER A SPECIAL NENDICK SAID.
'LIQUIDATOR' IN THIS CONTEXT WAS WIDE ENOUGH to MANAGER EMPLOYED BY A PROVISIONAL LIQUIDATOR. MR
BILL MODERNISES FORGERY AND COUNTERFEITING LAWS
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THE CRIMES (AMENDMENT) (NO. 2) BILL 1991 WAS DESIGNED TO MODERNISE AND SIMPLIFY THE LAW RELATING TO FORGERY, COUNTERFEITING OF BANK NOTES AND COINS, AND RELATED CRIMINAL OFFENCES, THE ATTORNEY GENERAL, THE HON JEREMY MATHEWS, SAID TODAY (THURSDAY).
MOVING THE SECOND READING OF THE BILL IN THE LEGISLATÍVE COUNCIL, MR MATHEWS SAID THE BILL WAS MODELLED SUBSTANTIALLY ON THE ENGLISH FORGERY AND COUNTERFEITING ACT 1981, WHICH REPRÅLED THE FORGERY ACT 1913 ON WHICH THE CURRENT FORGERY AND COUNTERFEITING LAWS IN HONG KONG WERE BASED.
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