16
WEDNESDAY, MARCH 11, 1992
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MAIN
"THE RESULT IS I HOPE, A COMPREHENSIVE AND POLISHED BILL WHICH WILL ACHIEVE ITS OBJECTIVES IN A MANNER ACCEPTABLE TO ALL THE AFFECTED PARTIES, HE ADDED
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DEBATE ON THE BILL WAS ADJOURNED.
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BANKRUPTCY (AMENDMENT) BILL 1992 INTRODUCED
* * * *
THE PURPOSE OF THE BANKRUPTCY (AMENDMENT) BILL 1992 IS TO MAKE PROVISION FOR THE SETTING UP OF A SEPARATE OFFICIAL RECEIVER'S OFFICE.
MOVING THE SECOND READING OF THE BILL IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY), THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, SAID AS PART OF THE REORGANISATION PROGRAMME OF THE REGISTRAR GENERAL'S DEPARTMENT, THE GOVERNMENT WAS PROPOSING THAT THE OFFICIAL RECEIVER'S OFFICE SHOULD BE ESTABLISHED AS A SEPARATE LEGAL ENTITY.
"THIS SHOULD BOTH IMPROVE THE MANAGEMENT STRUCTURE AND, IN CONJUNCTION WITH CERTAIN PROPOSED CHANGES IN WORKING PRACTICES, ALLOW FOR A MORE EFFICIENT AND STREAMLINED OPERATION," HE SAID.
HE SAID THE OFFICE, HEADED BY THE OFFICIAL RECEIVER, WOULD ASSUME FULL RESPONSIBILITY FOR INSOLVENCY MATTERS UNDER THE BANKRUPTCY ORDINANCE (CAP.6) AND COMPULSORY WINDING-UP OF COMPANIES UNDER THE COMPANIES ORDINANCE (CAP. 32) WHICH WERE AT PRESENT UNDER THE PURVIEW OF THE REGISTRAR GENERAL.
"THE BANKRUPTCY ORDINANCE IS THE PRINCIPAL LEGISLATION GOVERNING THE OPERATIONS OF THE OFFICIAL RECEIVER'S OFFICE, SECTIONS 75 AND 76 PROVIDE FOR THE APPOINTMENT OF AN OFFICIAL RECEIVER RY THE GOVERNOR AND DEFINE HIS POWERS AND STATUS," HE SAID.
MR NENDICK SAID IN ORDER THAT HE COULD DISCHARGE HIS DUTIES EFFECTIVELY, CLAUSE 3 OF THE BILL ENABLED THE OFFICIAL RECEIVER TO DELEGATE HIS POWERS TO CERTAIN SPECIFIED OFFICERS WHO COULD ACT ON HIS BEHALF AND CARRIED OUT HIS STATUTORY FUNCTIONS AS LIQUIDATOR AND TRUSTEE OF THE ESTATES OF INSOLVENT COMPANIES AND BANKRUPT PERSONS.
SUCH DELEGATION HAS HITHERTO BEEN REGISTRAR GENERAL (ESTABLISHMENT) ORDINANCE.
PROVIDED FOR
'THE SPECIFIED OFFICERS MAY ALSO REPRESENT THE RECEIVER IN THE SUPREME COURT IN HEARINGS ON PETITIONS LITIGATION PROCEEDINGS, AND CONDUCT PROSECUTIONS ON OFFENCES IN THE MAGISTRATES COURTS.
"IT IS THEREFORE IMPORTANT TO STIPULATE THAT OF SUCH POSTS SHOULD HOLD THE APPROPRIATE LEGAL
UNDER THE
OFFICIAL OR CIVIL INSOLVENCY
THE INCUMBENTS
QUALIFICATIONS,
**
HE SAID.
/HE SAID