TNAG-1645-FCO40-2292-Company-law-reform-in-Hong-Kong-Companies-(Amendment)-(No.-2-1987 — Page 106

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8.6

Reason:

The meaning of "adequate remuneration" can be open

to considerable debate. It is thought that the

proposed amendment will bring more certainty.

Section 244(1) provides that the remuneration of

a liquidator shall be fixed by the committee of

inspection, or if there is no such committee, by

the creditors. In view of the unusual aspects of

the Section 228A procedure, it is thought that there

should be the alternative of applying to the court

to fix the amount of the remuneration.

We would also mention that it was put to us during our

consultations that it is not clear whether the procedure under

Section 228A is a voluntary winding up or a special type of winding

up. We accepted the Registrar General's view that the procedure was

intended to be grafted onto the provisions of the Companies Ordinance

We are not clear, however, as relating to a creditors' winding up.

to whether the terms of Section 230, which provides that a voluntary

winding up shall be deemed to commence at the time of the passing

of the resolution for voluntary winding up, shall be amended to take

account of the provision in Section 228A that it commences on the

date of delivery of the statutory declaration to the Registrar of

Companies. We feel that this is a technical drafting point which

we should leave to the Law Draftsman to decide.

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