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Overhaul of Bankruptcy Ordinance underway
The Government is constantly updating the legal and administrative framework regarding insolvency to meet the challenges and opportunities of the 21st century, the Financial Secretary, Mr Donald Tsang, said this (Thursday) morning.
Speaking at the 1995 INSOL Asia Pacific Conference, Mr Tsang said a major overhaul of the Bankruptcy Ordinance was underway with a view to introducing amendments in the present legislative session.
He added that the Law Reform Commission was now reviewing the winding-up provisions of the Companies Ordinance and had recently produced a document on Corporate Rescue.
"As some of you will be aware, we have also commissioned a wide-ranging review of the other parts of the Companies Ordinance," he said.
On streamlining the administrative framework, Mr Tsang said the Official Receiver's Office and the Companies Registry had undergone significant organisation changes and restructuring over the past three years.
He said both the Companies Registry and the Official Receiver's Office were hived off from a former conglomerate known as the Registrar General's Department.
"The Registry was subsequently established, in August 1993, as one of the first two trading funds in the Hong Kong Government. The benefits of allowing the department to retain and reinvest its own revenues are already becoming apparent.
"The Official Receiver's Office meanwhile was revamped and a dedicated grade of Insolvency Officers established," he said.
Mr Tsang said economic development and responsibility went hand in hand.
"We need a stable and healthy business environment for our economy to continue to flourish," he said.
End/Thursday, November 2, 1995
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