TNAG-1733-FCO40-2446-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 62

Second Reading of Bills

BANKRUPTCY (AMENDMENT) BILL 1988

THE CHIEF SECRETARY moved the Second Reading of : 'A Bill to amend the Bankruptcy Ordinance'.

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He said:

Sir,

I move that the Bankruptcy (Amendment) Bill 1988 be read a second time.

The purpose of this Bill is to enable the le Bankruptcy Judge to give more time to the hearing of

contested bankruptcy petitions by allowing the Supreme stet Court Masters to hear uncontested petitions. This will contribute to a better use of the Bankruptcy Judge's time.

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Under the existing laws, a bankruptcy petition may be presented by a petitioning creditor on the debtor committing an act of bankruptcy. The debtor may object to the petition by filing his objection with the official st Receiver not less than three days prior to the hearing, on

notice to the petitioning creditor or his solicitor.

A debtor may also petition for his own bankruptcy, and the

the Official Receiver is entitled to appear in any proceedings in respect of that bankruptcy. These petitions, which are rare, are generally unopposed.