By Members' Voluntary Winding-up By Creditors' Voluntary Winding-up By Winding-up by the Court
Liquidations begun prior to 1.4.72
Liquidations
begun during 1972-73
158
115
9
7
127
48
294
170
Appointment of Inspectors
95. The Companies Ordinance provides that the Financial Secretary may in certain circumstances, e.g. upon application by a specified number or proportion of the members of a company, appoint one or more competent inspectors to investigate the affairs of the company and to report thereon in such manner as the Financial Secretary may direct. In Great Britain such authority is vested in the Board of Trade. Since such provisions were first included in the Companies Ordinance in 1963, two requests for appointment of an inspector have been received, one in respect of a company limited by shares and the other in respect of a company limited by guarantee.
96. The Companies Ordinance also provides that the Financial Secretary may appoint one or more competent inspectors to investigate the affairs of a company where it appears to him that the business of a company is being conducted inter alia for a fraudulent or unlawful purpose, or that persons concerned with its formation or the manage- ment of its affairs have in connection therewith been guilty of fraud, misfeasance or other misconduct towards it or its members, or that its members have not been given all the information with respect to its affairs that they might reasonably expect. Since the foregoing pro- visions were incorporated into the Companies Ordinance in 1963, only one inspector has been appointed to investigate the affairs of a company.
Insurance Companies
97. Local and foreign insurance companies which wish to transact life, fire or marine insurance business in Hong Kong must comply with the provisions of the Life Insurance Companies Ordinance and Fire and Marine Insurance Companies Deposit Ordinance respectively, In addition to the filing of annual accounts, these Ordinances require deposits to be made with the Registrar of Companies unless the company qualifies for exemption by complying with the Insurance
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