ENG-2009 — Page 137

Financial and Monetary Affairs | 89

services for company incorporation and a one-stop service for company incorporation and business registration are expected to be launched in 2010-11 pending the enactment of relevant legislative amendments.

In 2009, a total of 109 424 local companies were incorporated. By the end of 2009, 772 253 local companies were on the register, compared with 710 766 in 2008.

Companies incorporated outside Hong Kong must register with the Registry within one month of establishing a place of business in Hong Kong. During the year, 683 non-Hong Kong companies were registered and, by year-end, there were 7 912 registered non-Hong Kong companies from 81 countries.

Bankruptcies, Individual Voluntary Arrangement and Compulsory Winding-up

The Official Receiver (OR)'s Office ensures that service in personal and corporate insolvencies is of a high quality on a par with international standards.

When acting as the trustee or liquidator, the OR or a private sector insolvency practitioner investigates the affairs of the bankrupt or the wound-up company, realises assets and distributes dividends to creditors. The OR also prosecutes insolvency related offences under the Bankruptcy Ordinance and the CO, applies for disqualification orders against unfit company directors of wound-up companies, monitors the conduct of outside liquidators and trustees, and monitors the liquidation monies.

Chart 9

HK$ Million

250

Assets realised by the Official Receiver and dividends paid to creditors

200

190.1

Dividends paid

153.6

150

159.8

116.2

Assets Realised

135.6

100

103.5

50

0

2007

2008

2009

Year