TNAG-1359-FCO40-1800-Executive-Council-of-Hong-Kong-memoranda-and-minutes-of-meet-1985 — Page 21

Official Receiver may apply to the court for a review of the

remuneration of a liquidator.

4. Clause 4 extends the application of summary

procedure for winding-up a company under section 227F of

the Ordinance to any company whose property is not likely to

exceed $200,000 in value, and also makes provision to

simplify that procedure.

5. Clause 5 amends section 295 to create a minimum

limit of $100,000 on the amount of creditors' funds which

may be invested, at the request of the committee of

inspection, by the Official Receiver for the benefit of the

creditors, and also limits the interest payable on such

funds to a maximum of 3 1/2% per annum or such other

rate as may be fixed by the Financial Secretary. The

interest in excess of 3 1/2% on sums of over $100,000 and

the interest on sums of less than $100,000 invested by the

Official Receiver shall then be transferred to the general

revenue.

6. Clause 6 amends the Eighth Schedule to the

Ordinance to increase the fee for registration of a

prospectus from $2,000 to $3,000.

7. Clause 7 makes a consequential amendment to the

Companies (Winding-up) Rules.

8. This Bill has no Public Service staffing

implications. Additional revenue of approximately

$7.7 million per annum is expected to accrue to Government.