FRIDAY, JUNE 6, 1983
14
NEW LAW ON FRAUDULENT BUSINESS TRANSFERS
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A BILL SEEKING TO IMPROVE THE EXISTING LAW WHICH PROTECTS CREDITORS OF A BUSINESS IN A SALE OR TRANSFER OF ANY PART OF THE BUSINESS IS PUBLISHED IN THE GOVERNMENT GAZETTE TODAY.
THE TRANSFER OF BUSINESSES (PROTECTION OF CREDITORS) BILL 1980 WILL REPEAL AND REPLACE THE FRAUDULENT TRANSFERS OF BUSINESSES ORDINANCE AND WILL INTRODUCE NEW PROVISIONS TO REDEFINE THE EXTENT OF PROTECTION, AND HOW IT IS TO OPERATE.
IT PROVIDES THAT THE LIABILITY OF THE TRANSFEREE SHOULD BE LIMITED TO THE VALUE OF THE BUSINESS ACQUIRED AND LIMITS THE TIME WITHIN WHICH PROCEEDINGS MAY BE BROUGHT AGAINST A TRANSFEREE.
IT ALSO SETS OUT CERTAIN SPECIFIED CIRCUMSTANCES UNDER WHICH THERE MAY BE EXCEPTIONS FROM THE PROTECTION.
THE BILL WAS PREPARED IN CONSULTATION WITH THE LAW SOCIETY, THE HONG KONG SOCIETY OF ACCOUNTANTS, THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS, THE HONG KONG GENERAL CHAMBER OF COMMERCE, AND THE CHINESE GENERAL CHAMBER OF COMMERCE, AND HAS THEIR SUPPORT.
FREE LEGAL ADVICE CENTRE IN TSUEN WAN PROVING SUCCESSFUL
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THE FREE LEGAL ADVICE CENTRE WHICH THE LAW SOCIETY OPENED IN TSUEN WAN ON MAY 20 TO SERVE THE WESTERN HALF OF THE NEW TERRITORIES IS PROVING SUCCESSFUL.
THE CENTRE, MANNED BY TWO LAWYERS ON TUESDAY EVENINGS FROM 6.30 TO 9.30 PM, HAS HANDLED 31 CASES SO FAR.
TEN CASES WERE DEALT WITH ON THE CENTRE'S OPENING EVENING, 11 ON MAY 27, AND 10 ON JUNE 3.
+WE REGARD THIS AS A VERY GOOD START, A NEW TERRITORIES ADMINISTRATION SPOKESMAN SAID.
HE SAID SEVEN OF THE CASES CONCERNED LANDLORD AND TENANT DISPUTES, SIX CONCERNED COMMERCIAL AND PROPERTY DISPUTES AND A FURTHER SIX INVOLVED COMPENSATION CLAIMS.
THE REMAINDER WERE CONNECTED WITH LAND DISPUTES, MATRIMONIAL MATTERS, EMPLOYMENT AFFAIRS. ESTATE ADMINISTRATION. CRIMINAL CASES AND MISCELLANEOUS CASÉS.
THE PUBLIC
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