TNAG-1996-FCO40-2843-Hong-Kong-Drug-Trafficking-(Recovery-of-Proceeds)-Ordinance--1991 — Page 37

32

(a) a court shall not make an order under-

(i) section 31, 47 or 49 of the Bankruptcy Ordinance (Cap. 6); or (ii) section 60 of the Conveyancing and Property Ordinance (Cap. 219), in respect of the making of the gift at any time when proceedings for a drug trafficking offence have been instituted against him and have not been con- cluded or when property of the person to whom the gift was made is subject to a restraint order or charging order; and

(b) any order made under any of those sections after the conclusion of the proceedings shall take into account any realisation under this Ordinance of property held by the person to whom the gift was made.

Winding up of company holding realisable property

17. (1) Where realisable property is held by a company and an order for the winding up of the company has been made or a resolution has been passed by the company for voluntary winding up, the functions of the liquidator (or any provisional liquidator) shall not be exercisable in relation to-

(a) property for the time being subject to a restraint order made before the relevant

time; and

(b) any proceeds of property realised by virtue of section 10(7) or 12(5) or (6) for the time being in the hands of a receiver appointed under section 10 or 12.

(2) Where, in the case of a company, such an order has been made or such a resolution has been passed, the powers conferred on the High Court by sections 10 to 13 shall not be exercised in relation to any realisable property held by the company in relation to which the functions of the liquidator are exercisable-

(a) so as to inhibit him from exercising those functions for the purpose of

distributing any property held by the company to the company's creditors; or (b) so as to prevent the payment out of any property of expenses (including the remuneration of the liquidator or any provisional liquidator) properly incurred in the winding up in respect of the property.

(3) Nothing in the Companies Ordinance (Cap. 32) shall be taken as restricting, or enabling the restriction of, the exercise of the powers conferred on the High Court by sections 10 to 13.

(4) Subsection (2) does not affect the enforcement of a charging order made before the relevant time or on property which was subject to a restraint order at the relevant time.

(5) In this section-

"company" means any company which may be wound up under the Companies

Ordinance (Cap. 32); and

"the relevant time" means—

(a) where no order for the winding up of the company has been made, the time of

the passing of the resolution for voluntary winding up;

(b) where such an order has been made and, before the presentation of the petition for the winding up of the company by the High Court, such a resolution had been passed by the company, the time of the passing of the resolution; and (c) in any other case where such an order has been made, the time of the making of

the order.