INDUSTRY AND TRADE
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The Bankruptcy (Amendment) (No. 2) Ordinance 1976 made a number of amendments to technical provisions of the ordinance and increased a number of the minimum financial limits in the ordinance which were considered to have become out of date. For example, the provision that the debt or aggregate amount of debts on which a petition for bankruptcy is based must be at least $500 was changed to increase the sum to $5,000.
The Companies (Amendment) (No. 2) Ordinance 1976 amended the provisions of the Companies Ordinance relating to liquidation of companies by introducing, where appropriate, provisions equivalent to those in the Bankruptcy Ordinance, together with a number of technical amendments to other provisions of the ordinance.
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