XN000022-1990-05-18 — Page 9

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FRIDAY, MAY 18, 1990

MR GLEESON SAID THE EFFECT OF THIS WOULD BE THAT NAMES WHICH ARE ON RESERVED LIST AT THE START OF THE TRANSITIONAL PERIOD CAN CONTINUE TO BE USED FOR INCORPORATING NEW COMPANIES DURING THAT PERIOD UNDER THE PRESENT SYSTEM.

"IT WILL STILL BE POSSIBLE TO INCORPORATE A COMPANY DURING THE TRANSITIONAL PERIOD, EVEN IF THE NAME FOR THAT COMPANY HAS NOT BEEN RESERVED, BUT AFTER THE END OF THAT PERIOD ALL NAME RESERVATIONS WILL LAPSE, HE SAID.

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"THE OTHER MAJOR PURPOSE OF THE TRANSITIONAL PERIOD IS TO ENABLE THE COMPANIES REGISTRY TO CLEAR THE BACKLOG OF COMPANY INCORPORATIONS SO THAT IT CAN START WITH A CLEAN SLATE ON THE COMMENCEMENT OF THE NEW SYSTEM, MR GLEESON ADDED.

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THE BILL WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON MAY 30.

0

CHANGES TO WINDING-UP PROCEDURES PROPOSED * * * * *

THE

EXISTING

OF A COMPANY PROVIDED FOR UNDER THE

A BILL GAZETTED TODAY (FRIDAY) SEEKS TO IMPROVE PROCEDURES FOR CONVERSION FROM A COMPULSORY WINDING-UP

WINDING-UP VOLUNTARY TO A CREDITORS' COMPANIES ORDINANCE.

AS

PROPOSES THAT ANY

OF THE

OR

THE COMPANIES (AMENDMENT) (NO.4) BILL 1990 APPLICATION FOR CONVERSION HAS TO BE MADE WITHIN THREE MONTHS DATE OF A RESOLUTION PASSED AT THE FIRST MEETING OF THE CREDITORS, ANY ADJOURNMENT OF THAT MEETING.

COMPULSORY

"THE EXISTING SECTION 209A OF THE ORDINANCE ALLOWS CREDITORS TO APPLY FOR CONVERSION AT ANY TIME DURING THE COURSE OF A LIQUIDATION,' A GOVERNMENT SPOKESMAN SAID.

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THE CHANGES,

THE OFFICIAL WINDING-UP

EXPLAINING THE BACKGROUND ΤΟ THE PROPOSED SPOKESMAN SAID UNDER THE COMPANIES (WINDING-UP) RULES, RECEIVER (OR), WHO ACTED AS LIQUIDATOR IN MOST COMPULSORY

OF PAYMENT CASES, OPERATED A SCHEME

BY RESULTS AND CHARGED FEES REALISED TO RECOVER COSTS PROPORTIONAL TO THE AMOUNT OF ASSETS

OF

WORK DONE.

"SECTION 209A PROVIDES THAT THE COURT MAY, UPON APPLICATION THE LIQUIDATOR OR ANY CREDITOR, ALLOW A COMPULSORY CONVERTED AND CONDUCTED AS IF IT WINDING-UP," HE SAID.

BY

WERE A CREDITORS'

WINDING-UP TO BE VOLUNTARY

END/KO

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