TNAG-1645-FCO40-2292-Company-law-reform-in-Hong-Kong-Companies-(Amendment)-(No.-2-1987 — Page 101

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(b) For the purposes of (a), a qualified person

is a person who is either

(i)

a solicitor qualified to act as such

under the Legal Practitioners Ordinance or

(ii) a professional accountant who holds a

practising certificate under the Professional

Accountants Ordinance;

(c) The statutory declaration must be filed with the

Registrar of Companies forthwith and, in any

event, not later than 7 days after the day on which

it is made, failing which it will cease to be

capable of being used for the purposes of this

section;

(d) The winding up of the company shall commence on

the day of delivery of the statutory declaration

to the Registrar of Companies;

(e) The directors shall cause a meeting of the company

Reason:

and of the creditors of the company to be summoned

for a date not later than 28 days after the

delivery of such declaration."

It is thought that there are too many loopholes in

the existing subsection (3). For example, under the

existing provisions, the directors of a company could

make the statutory declaration under subsection (1)

and not take any action on it for an indefinite

period, perhaps not delivering it to the Registrar

for a year. The Section 228A procedure was meant

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