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The scope of the provisions relating to the disqualification of company directors will be expanded. At present under certain of the provisions a disqualified person is prohibited from involvement in a locally- incorporated company but not from involvement in an overseas company doing business in Hong Kong. The Bill refines and extends the definition of "company" under Part IVA of the Ordinance to encompass overseas companies operating in Hong Kong.
The Official Receiver will be given greater flexibility to apply to the Court for the appointment of outside liquidators. Amendments are also made to allow for a private sector provisional liquidator appointed before a winding-up order has been made to continue in office after such an order is made. These changes will assist the Official Receiver in contracting out more insolvency work to the private sector and should help to relieve some of the strain on the resources of his Office.
Appropriate Chinese equivalents are added to certain statutory wording which is currently prescribed in the Ordinance in English only. This is to provide for companies which wish to register under a Chinese name, or under both a Chinese and an English name, and to facilitate the submission of documents in Chinese.
The Bill also abolishes certain accounting exemptions enjoyed by shipping companies which are not available to other types of company and makes certain other technical changes to the legislation.
The principal items in this Bill have been recommended, or supported, by the Standing Committee on Company Law Reform.
Thank you, Mr President.
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