XN000022-1996-05-07 — Page 6

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The main ones are having at least four professional accountants who are members of HKSA, and two of these accountants must be insolvency practitioners who have a minimum number chargeable hours in relevant insolvency work (excluding members voluntary liquidations).

All applications to join the Panel have to be accepted by an approval committee consisting of three members of HKSA and three members of the OR Office.

The approval committee met last week and granted the applications of 13 firms to join the Panel.

Panel members who are appointed as special managers or liquidators under the roster system will be remunerated on a time-cost basis based on the standard scale of fees approved by the OR in consultation with HKSA.

The standard scale of fees will be reviewed each year. Panel firms may apply to the Committee of Inspection of Creditors or to the court to be remunerated at a different rate of the standard scale of fees having regard to the complexity of the case or other relevant factors.

Panel firms must sign an undertaking to the OR to accept any cases allocated to them under the roster system except for special reasons satisfactory to the OR which precluded them from doing so, and must carry out an appropriate minimum standard of statutory investigation having regard to the funds available.

Mr Hearder welcomed the participation of experienced insolvency practitioners of HKSA to take on the larger and more complex company liquidations, and to relieve the pressure on his hardworking staff who would have more time to concentrate on other company liquidations and bankruptcies.

Mr Stevenson said the scheme signified a successful and effective partnership between the government and the private sector.

He welcomed the move by government to make greater use of private sector skills in areas of public sector work.

He believed that HKSA members on the Panel, having the necessary professional expertise and skills in insolvency work, will make a definite contribution.

End