TNAG-1362-FCO40-1808-Hong-Kong-Hansard-reports-and-minutes-of-the-meetings-of-the-1985 — Page 95

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6.

Thirdly, I propose to amend section 295 to create

a minimum limit of $100,000 to the amount of creditor's

funds which may be invested, at the request of the

committee of inspection, by the Official Receiver for the

benefit of the creditors, and to limit the interest

payable on such funds to a maximum of 3.5 per cent per

annum or such other rate as may be fixed by the Financial

Secretary. The interest in excess of 3.5 per cent on sums.

of over $100,000 and the interest on sums of less than

$100,000 invested by the Official Receiver shall be

transferred to the General Revenue. It is estimated that

the introduction of this measure will go some way towards

meeting the cost of the Official Receiver's Office.

7.

Finally, Sir, I propose to increase some minor

fees which have not been increased since 1977, and to make

consequential amendments to the Companies (Winding-up)

Rules.

8.

If implemented, the amendments I have described

would raise additional revenue of about $7.7 million per

annum. They would also help to reduce the workload of the

Official Receiver's Office and thereby enable the Official

Receiver to concentrate on those cases in which there is

some real possibility of recovering a dividend for the

creditors.

9.

adjourned.

Sir, I move that the debate on this motion be