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I am most grateful for the views of the Legislative Council Subcommittee established to study this resolution, and for the support for early establishment of the Fund. I have examined further a suggestion made by the Subcommitee to include in the resolution a commitment to maintain the balance of the Fund at a minimum of one year's estimated pension expenditure. However, legal advice on this point suggests that it would not be appropriate constitutionally to include such a commitment as it might imply automatic appropriation in the resolution. As agreed with the Civil Service Staff Councils during the consultation exercise, I shall be sending the Councils a written confirmation of the Administration's policy commitment to maintain the Fund at a minimum balance of one year's estimated expenditure. I believe that this will stand as a very clear statement of the Administration's position on this issue, and will serve to provide valuable reassurance to civil servants.
Mr President, I beg to move.
End/Wednesday, January 25, 1995
Company liquidation forms made more user-friendly
Following is the speech by the Secretary for Financial Services, Mr Michael Cartland, in moving a motion on the Companies (Winding-Up) (Amendment) (No. 2) Rule 1995 in the Legislative Council today (Wednesday):
Mr President,
I move the second motion in my name on the Order Paper.
The Companies (Winding-Up) (Amendment) (No. 2) Order was made by the Chief Justice on 3 January 1995. It provides for the repeal of the current Statement of Affairs form and its replacement by a new form.
The Government has conducted a review of statutory forms in use in company liquidations to ensure that they remain relevant and up to date. Form 23 of the forms contained in the Appendix to the Companies (Winding-Up) Rules has to be submitted to the Official Receiver by directors and other persons where the court makes an order for the winding up of a company or the appointment of a provisional liquidator. This The form has been form was found to be in need of substantial amendment. redesigned to make it more user-friendly and to obtain all the relevant information about a company's affairs in a clear and straightforward manner.
Mr President, I beg to move.
End/Wednesday, January 25, 1995
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