TNAG-1362-FCO40-1808-Hong-Kong-Hansard-reports-and-minutes-of-the-meetings-of-the-1985 — Page 79

Speech by Mr G.A. Higginson, Secretary for Economic Services, in the Legislative Council

on 15 May 1985

Companies Ordinance (Chapter 32)

Companies (Winding-up) (Amendment) Rules 1985 Companies (Fees and Percentages) (Amendment) Order 1985

Sir,

I move the resolution standing in my name on the

Order Paper.

2.

The Companies (Winding-up) (Amendment) Rules 1985,

and the Companies (Fees and Percentages) (Amendment) Order

1985, which were made by the Chief Justice on 4 May 1985,

increase certain of the fees and charges payable to the

Official Receiver under the Companies Ordinance, and make

minor improvements to the winding-up procedure.

3.

The most significant of these proposals increases

from $1,000 to $10,000 the deposit payable by a petitioner

upon presentation of a petition for winding-up under

section 22A(1) of the Companies (Winding-up) Rules, and

introduces a minimum fee of $10,000 chargeable under the

Companies (Fees and Percentages) Order where the Official

Receiver acts as liquidator of a company.

4.

At present, the cost to a prospective petitioner

is minimal and petitions are frequently presented when

there is no real hope of a meaningful dividend. The