T
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there would have been a delay of some months after its establishment before the fund built up sufficient working capital to meet demands for payment. The working group
estimated that the fund might have to pay out about $18 million during its first six months of operation. The fund stood at
about $10 million at the end of January and is expected to have increased to about $16 million by the time payments start being made in April.
4.
In moving the Second Reading of the Business Registration (Amendment) Bill 1984 the Secretary for Education and Manpower said that legislation was then being drafted as a matter of priority to give effect to the Working Party's recommendations.
You, Sir, in your address at the opening
of this Session of this Council on 5th October 1985 also said that priority was being given to the drafting of this Bill. The Bill provides for the establishment of a Protection of Wages on Insolvency Fund Board with power to administer the Fund and make recommendations as to the rate of levy.
7
It also empowers the Commissioner for Labour to investigate wage claims and make payments from the Fund. Employees aggrieved by the Commissioner's decisions will have a right of appeal to the Board.
5.
If the Bill is enacted it is intended to start making payments with effect from 1st April 1985 and that payments will normally be made within one month of application As recommended by the Working Group, the presentation of a winding up or
/bankruptcy petition
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