volume of work in the Official Receiver's Office and in the Commercial Division has increased significantly. During the same period the staff levels have not been increased in direct proportion to the increase in workload. To cope with the increasing workload serious steps have been taken to streamline and simplify procedures, resulting in higher productivity and efficiency. Approval has recently been given by the Computer Committee for a computerization project in the Companies Registry. The proposals described in paragraphs 6 - 8 of this memorandum aim to reduce the operating deficit of
the Official Receiver's Office and simplify bankruptcy and winding-up procedures. Other measures to improve productivity have been included in amendments to
further items of subsidiary legislation which have been submitted to the Chief Justice as the approving authority. These measures will enable the Official Receiver's Office to concentrate on those cases (of which there is now, in the Registrar General's view, an unacceptably large backlog) where there is some real possibility of recovering a dividend for the creditors.
Financial implications
15
The proposed increases, if approved, should result in additional revenue of approximately $14.1 million per annum. There are no staffing implications.
Economic implications
16
As the fees in question represent an insignificant proportion of business expenses, the proposed increases are not expected to be inflationary, nor are they expected to create any disincentive towards the setting up of businesses in Hong Kong.
Consultation
17
There has been no consultation with the public or business community on these proposals as the increases proposed are considered unexceptional.
Public reaction
18
As the increases will have no every-day application to the community at large, they are unlikely to
unlikely to attract much public attention. Some mild adverse reaction emanating from business circles is possible but is unlikely to be sustained.
RESTRICTED
No comments yet.
Private notes are available after approval.