XN000022-1993-07-02 — Page 8

FRIDAY, JULY 2, 1993

PROPOSALS TO REFORM BANKRUPTCY LAW

THE LAW REFORM COMMISSION'S SUB-COMMITTEE ON INSOLVENCY TODAY (FRIDAY) PUBLISHED A CONSULTATIVE DOCUMENT CONTAINING ITS TENTATIVE RECOMMENDATIONS FOR AN OVERHAUL OF THE BANKRUPTCY ORDINANCE.

THE CONSULTATION WILL LAST THREE MONTHS.

THE SUB-COMMITTEE'S CHAIRMAN, JUDGE TYLER, SAID CONSULTATIVE DOCUMENT MADE OVER 100 TENTATIVE CHANGE TO THE BANKRUPTCY ORDINANCE.

RECOMMENDATIONS

THE

FOR

OF

THESE RECOMMENDATIONS COVERED MOST OF THE MAJOR PROVISIONS THE ORDINANCE AND REFLECTED AN INTERNATIONAL CHANGE IN APPROACH TO BANKRUPTCY AND THE TREATMENT OF BANKRUPTS.

THE SUB-COMMITTEE ON INSOLVENCY HAD BEEN FORMED IN RESPONSE фо CONCERNS EXPRESSED BY THE OFFICIAL RECEIVER AND PRACTITIONERS THAT THE PROVISIONS OF THE BANKRUPTCY ORDINANCE, WHICH DATED FROM 1914, WERE BOTH OUT OF DATE IN SO FAR AS THE REQUIREMENTS OF PRACTITIONERS WERB CONCERNED AND OUT OF TOUCH WITH THE NEEDS OF MODERN SOCIETY.

THE SUB-COMMITTEE INVITES PUBLIC COMMENTS BEFORE FINALISING ITS RECOMMENDATIONS TO THE LAW REFORM COMMISSION.

WRITTEN SUBMISSIONS SHOULD BE MADE BY SEPTEMBER 30 TO MR JEREMY GLEN, SECRETARY OF THE SUB-COMMITTEE ON INSOLVENCY OF THE LAW REFORM COMMISSION, FIRST FLOOR, HIGH BLOCK, 66 QUEENSWAY GOVERNMENT OFFICES, HONG KONG,

COPIES OF THE CONSULTATIVE DOCUMENT HAVE BEEN SENT ΤΟ INTERESTED PARTIES FOR VIEWS AND COMMENTS. PRICED AT $62, THE DOCUMENT WILL BE ON SALE AT THE GOVERNMENT PUBLICATIONS GENERAL POST OFFICE BUILDING, CENTRAL NEXT MONDAY (JULY 5).

CENTRE,

0

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BANKING LICENCE GRANTED TO HUA NAN COMMERCIAL BANK

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HUA NAN

COMMERCIAL BANK LTD HAS BEEN GRANTED A BANKING LICENCE TO CONDUCT BUSINESS IN HONG KONG, A GOVERNMENT SPOKESMAN SAID TODAY (FRIDAY).

HUA NAN COMMERCIAL BANK IS THE FOURTH LARGEST BANK IN TAIWAN AND 193RD IN THE WORLD.

THE BANK HAS BEEN OPERATING A REPRESENTATIVE

KONG SINCE AUGUST 1991.

OFFICE IN HONG

THE NEW BRANCH WILL ENABLE THE BANK TO OFFER A FULLER RANGE OF BANKING SERVICES TO ITS CUSTOMERS WHO HAVE BUSINESS TRANSACTIONS WITH HONG KONG AND CHINA.

THE ENTRY OF HUA NAN COMMERCIAL BANK RAISES THE BANKING POPULATION TO 168 LICENSED BANKS, OF WHICH 136 ARE INCORPORATED OUTSIDE THE TERRITORY.

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