XN000022-1987-07-08 — Page 47

WEDNESDAY, JULY 8, 1987

45

NEW FEES FOR WINDING UP OF COMPANY APPROVED

AN AMENDMENT ORDER WHICH PRESCRIBES A NEW SCALE OF AND ASSETS REALISED

FEES TO BE PAID IN RESPECT OF THE

AD VALOREM BROUGHT TO

CREDIT IN THE COMPULSORY WINDING UP OF A COMPANY, WAS APPROVED BY LEGISLATIVE COUNCIL THIS (WEDNESDAY) AFTERNOON.

WERE

THE

(AMENDMENT} ORDER YAXLEY, EXPLAINED

MOVING THE COMPANIES (FEES AND PERCENTAGES) 1987, THE ACTING FINANCIAL SECRETARY, THE HON JOHN THAT THE NEW FEES

PAYABLE UPON SUBMISSION OF ACCOUNT TO THE OFFICIAL RECEIVER OR, WHERE THE OFFICIAL THE LIQUIDATOR, BEFORE HE WAS RELEASED.

A

LIQUIDATOR'S RECEIVER WAS

THE AD VALOREM FEES

"COMPARED WITH THE EXISTING AUDIT FEES, TEND TO BE MARGINALLY HIGHER IN SMALL CASES AND CONSIDERABLY LOWER LARGE CASES," HE SAID.

IN

OF AD VALOREM REVENUE, MR

THE REPLACEMENT OF AUDIT FEES BY THE NEW SCALE FEES WOULD NOT RESULT IN ANY SIGNIFICANT CHANGE IN TOTAL YAXLEY SAID.

THE

ALSO

PROVIDED

TRANSITIONAL ACCOUNTS

ORDER AMENDMENT

FOR ARRANGEMENTS WHICH SET OUT THE MANNER IN WHICH LIQUIDATORS' THAT HAD ALREADY BEEN SUBMITTED WOULD BE TREATED,

"THE UNDERLYING PRINCIPLE IS THAT THE FEE TO BE CHARGED BE THE LOWER OF THE FEE CALCULATED UNDER THE OLD SCALE AND THAT THE NEW SCALE, MR YAXLEY ADDED.

ALSO

APPROVED

BY

THE

LEGISLATIVE

WAS

SHOULD UNDER

THE COUNCIL TODAY

1987 WHICH AMENDED COMPANIES (WINDING-UP) (AMENDMENT (NO. 2) RULES

IN CONSEQUENCE OF THE RULE 160 OF THE COMPANIES (WINDING-UP) RULES

THE AMENDMENTS TO SECTION 295 OF THE PRINCIPAL ORDINANCE, EFFECTED BY COMPANIES (AMENDMENT) (NO.2) ORDINANCE 1987.

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