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Companies (Winding-up)(Amendment) Rules
Following is the speech by the Secretary for Financial Services, Mr Rafael Hui, in the motion on the Companies (Winding-up)(Amendment) Rules 1996 in the Legislative Council today (Wednesday):
Mr President,
I move the sixth motion standing in my name on the Order Paper.
The Companies (Winding-up)(Amendment) Rules 1996 revise the amount of deposit for the presentation of a petition for the winding-up of a company and rationalise the cost of summoning a meeting of creditors or contributories.
The present level of deposit of a petition is $10,000 and we propose to increase it to $11,250, being the same as that proposed for the deposit for a creditor's petition under the Bankruptcy (Amendment) Rules that I moved earlier.
The existing fee for all disbursements, printing, stationery and postage when the Official Receiver summons a meeting of creditors or contributories is calculated in a cumbersome and obscure manner, involving a sliding scale per creditor or contributory depending on the number of such persons attending. We propose now to update this to a fixed fee and bring it into line with the parallel fee under the Bankruptcy (Fees and Percentages) (Amendment) Order 1996, which we have proposed to increase from $1,320 to $1,440, with the additional charge for room hire when the numbers of creditors are too large to be accommodated in the Official Receiver's Office.
Thank you. Mr President.
End