-
49
Reply:
(b)
Mr President,
(a)
(b)
the number of winding-up cases handled by the Official Receiver acting as the liquidator in the past three years; and the number of winding-up cases in which other fit persons were appointed as the liquidator or provisional liquidator in the same period, together with the reasons for appointing such persons as the liquidators to handle these cases?
As at 27 January 1997, there are a total 69 insolvency officers, 20 accountants and accounting officers; and 14 legal officers in the Official Receiver's Office.
In the past three years, the total number of compulsory company winding-up cases is 1,392. Of these, the number of cases where private sector insolvency practitioners are appointed as the liquidator or provisional liquidator is 47.
Section 194 of the Companies Ordinance provides that where the company's estate exceeds $200,000 in assets,
assets, creditors
creditors and contributories are entitled at creditors' and contributories' meetings to decide whether or not to apply to the court to have some other fit persons to be appointed as joint and several liquidators in place of the Official Receiver. In addition, to cope with the increasing workload, the Official Receiver has since May 1996 contracted out compulsory company winding-up cases exceeding $200,000 in assets to private sector practitioners who are members of the Administrative Panel of Insolvency Practitioners.
End
Page 60Page 61