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The Bankruptcy (Amendment) Rules 1996 also revise the deposit payable when a bankrupt or a debtor lodges a proposal for a composition on satisfaction of his debts or a scheme of arrangement of his affairs out of monies to be provided by another person. The existing level is $10,000 and was last revised in November 1993. The inflation rate since then has been 17.8%. We propose to increase this level only by 12.5% to $11,250. This reflects the significant amount of work that the Official Receiver may be required to undertake in connection with such procedures.
End
Thank you. Mr President.
Companies (Fees and Percentages)(Amendment) (No 2) Order
Following is the speech by the Secretary for Financial Services, Mr Rafael Hui, in the motion on the Companies (Fees and Percentages)(Amendment) (No 2) Order in the Legislative Council today (Wednesday):
Mr President,
I move the fifth motion standing in my name on the Order Paper.
The Companies (Fees and Percentages)(Amendment) (No 2) Order 1996 deals with the 13 fees and charges applicable to company windings-up. As with the related fees under the Bankruptcy (Fees and Percentages)(Amendment) Order 1996, we propose to increase these fees generally in line with inflation to cover increases in costs, except where they have not been revised for some years, where we are proposing a more gradual adjustment.
The total amount of additional fee income from the proposed increases in fees and charges for company winding-ups is estimated to be $110,000 per annum. This represents an average increase of just 0.2% when expressed as a percentage of the total income for winding-ups, estimated to be $45.6 million for 1995-96.
End
Thank you. Mr President.