XN000022-1976-09-24 — Page 6

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FRIDAY, SEPTEMBER 24, 1976.

BANKRUPTCY (AMENDMENT) (NO. 2) BILL 1976

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THE GOVERNMENT PROPOSES TO INCREASE FROM $500 TO MORE THAN $5,000 THE MINIMUM AGGREGATE AMOUNT OF DEBTS ENTITLING A CREDITOR TO PRESENT A BANKRUPTCY PETITION AGAINST A DEBTOR.

THIS AND OTHER PROPOSED CHANGES ARE CONTAINED IN THE BANKRUPTCY (AMENDMENT) (NO. 2) BILL 1976 PUBLISHED IN THE GAZETTE TODAY (FRIDAY).

THE BILL WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL SHORTLY.

IF ENACTED, THE MAXIMUM AGGREGATE VALUE OF TOOLS OF. TRADE OF A BANKRUPT, AND THE WEARING APPAREL AND BEDDING OF HIMSELF AND HIS FAMILY, THAT IS DEEMED NOT TO COMPRISE PROPERTY DIVISIBLE AMONGST CREDITORS, WILL BE INCREASED FROM $300 TO $3,000.

ANOTHER PROVISION IS FOR THE COURT TO DISPENSE WITH THE REQUIREMENT THAT A DEBTOR AGAINST WHOM A RECEIVING ORDER HAS BEEN MADE SHALL SUBMIT TO THE OFFICIAL RECEIVER A STATEMENT OF HIS AFFAIRS.

THE BILL ALSO PROVIDES FOR THE ANNUAL TRANSFER TO THE GENERAL REVENUE OF THE ACCUMULATED INTEREST ON DEPOSITS OF ANY SURPLUS CASH BALANCES STANDING TO THE CREDIT OF THE BANKRUPTCY ESTATES ACCOUNT OR ANY ACCOUNT OPERATED BY THE OFFICIAL RECEIVER.

AIRPORT OWNERS AND OPERATORS LIABILITY INSURANCE

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TENDERS ARE INVITED IN THE GAZETTE TODAY FOR THE PROVISION OF STANDARD AIRPORT OWNERS AND OPERATORS LIABILITY INSURANCE IN RESPECT OF THE OPERATION OF HONG KONG INTERNATIONAL AIRPORT TOGETHER WITH COVER FOR CONTRACTED WORKS AT KAI TAK FOR THREE YEARS.

THE CURRENT INSURANCE POLICY EXPIRES IN APRIL, 1977.

A SPOKESMAN FOR THE CIVIL AVIATION DEPARTMENT SAID THAT THIS WAS MERELY TO RENEW INSURANCE WHICH HAS BEEN IN FORCE FOR MANY YEARS AND WAS A NECESSARY PRECAUTIONARY MEASURE AGAINST ANY CLAIMS FOR WHICH THE GOVERNMENT MIGHT BECOME LIABLE IN ITS CAPACITY AS OPERATOR OF THE AIRPORT.

HE POINTED OUT THAT SIMILAR POLICIES HAD BEEN TAKEN OUT BY MANY OTHER MAJOR AIRPORTS IN THE WORLD.

FOR CONTRACTED WORKS AT KAI TAK, HE ESTIMATED THAT THE VALUE OF AIRPORT DEVELOPMENT OVER THE NEXT THREE YEARS WOULD PROBABLY BE IN THE REGION OF $150 MILLION.

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