Hong Kong Bankruptcy Ordinance

by International Law & Taxation Publishers

Publisher: International Law and Taxation Publishers

Written in English
Cover of: Hong Kong Bankruptcy Ordinance | International Law & Taxation Publishers
Published: Pages: 116 Downloads: 693
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  • Bankruptcy & insolvency law,
  • Legal Reference / Law Profession,
  • Law,
  • Bankruptcy & Insolvency,
  • Bankruptcy
The Physical Object
Number of Pages116
ID Numbers
Open LibraryOL8722002M
ISBN 10189371330X
ISBN 109781893713307

What are the consequences of bankruptcy? Where the bankrupt travels outside Hong Kong frequently on short trips for business, leisure or any other reason, he may, if he is in a position to do so, give an overall notification in advance covering all his intended trips over a forthcoming period. of the Bankruptcy Ordinance which provides. Keywords: winding-up, Section A, companies ordinance, insolvency. As we pointed out in our Legal Update of 30 January (" New Companies Ordinance - Old Winding Up and Insolvency Regime"), the new Companies Ordinance for Hong Kong (Chapter ) is scheduled to take effect from 3 March but it will not cover the winding-up and insolvency regime. You should also refer to question 4 about the possible suspension of the date of discharge (if the bankrupt leaves Hong Kong). When a bankruptcy order is discharged, the bankrupt is released from all provable debts, including any debts or liabilities that were proved in the bankruptcy proceedings. Audit Exemption and Reporting Exemption for Dormant Company in Hong Kong – According to Hong Kong Law. According to Section Cap. of the Hong Kong Companies Ordinance (the “Ordinance”), a private company in Hong Kong can declare as a dormant company by passing a relevant special resolution and submitting necessary documents to the Registrar.

Insolvency and directors' duties in Hong Kong: overviewby John Robert Lees, JLA Asia LimitedRelated ContentQ&A guide to insolvency and directors' duties in Hong Q&A global guide provides an overview of insolvency from the perspective of companies that are operating within a domestic and/or international group of companies, and considers the various complexities that this can introduce. Bankruptcy Act (with its variations) is a stock short title used for legislation in Australia, Hong Kong, Malaysia, the Republic of Ireland, the United Kingdom and the United States relating to Bill for an Act with this short title will usually have been known as a Bankruptcy Bill during its passage through Parliament.. Bankruptcy Acts may be a generic name either for. Hong Kong’s protests started more than five months ago to defend the rule of law, and on Tuesday China underscored what’s at stake. The comrades in Bejiing threatened to overrule a Hong Kong. 1 day ago  The Court of Final Appeal in Tradepower (Holdings) Ltd (In Liquidation) v Tradepower (Hong Kong) Ltd and others () 12 HKCFAR held that "intention to defraud" is an objective standard within section In other words, it is sufficient to prove that a disposition of property unsupported by consideration is made by a company when.

Hong Kong Bankruptcy Ordinance by International Law & Taxation Publishers Download PDF EPUB FB2

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whether situate in Hong Kong or elsewhere, also obligations, HDVHPHQWVDQGHYHU\GHVFULSWLRQRIHVWDWH LQWHUHVWDQGSUR¿W present or future, vested or contingent, arising out of or Last updated date Bankruptcy Ordinance Part I Section 2 Cap.

6 9HUL¿HG&RS\. For cases with Bankruptcy Orders made before 1 Novemberpursuant to section 30A(10)(b)(ii) of the Bankruptcy Ordinance, after the making of the Bankruptcy Order, if a bankrupt fails to return to Hong Kong on a date or within a period specified by the Trustee, the relevant period of bankruptcy shall not continue to run during the period he is absent from Hong Kong and until he notifies the Trustee of.

The Butterworths® Hong Kong Bankruptcy Law Handbook - Sixth Edition is an essential bankruptcy law reference, setting out the full text of the Bankruptcy Ordinance (Cap 6), the most important piece of legislation pertaining to the administration of bankruptcy law in Hong Kong.

Company Law in Hong Kong: Insolvency, provides the most recent precedents, case law, decisions, and amended legislation relating to all the surviving sections of the re-titled Companies (Winding-Up and Miscellaneous Provisions) Ordinance (Cap.

32). According to section of the Bankruptcy Ordinance, any persons who are adjudged bankrupt will be guilty of an offence (unless they prove that they had no intent to defraud) if after the presentation of a bankruptcy petition, or within six months before such a presentation, quit Hong Kong and take with them, or attempt or make preparations to.

Annotated Ordinances of Hong Kong is one of the most useful legal resource as each section of the legislation is described, defined, interpreted, explained and referenced to the detail. Bankruptcy Ordinance (Cap 6) Bills of Exchange Ordinance (Cap 19) soft cover books, Lexis Advance ® Hong Kong & Lexis Red.

Welcome toan English website dedicated to basic bankruptcy information. the bankrupt has fully complied with the provisions of the Bankruptcy Ordinance.

Non-First-time Bankrupt. There is also the possible suspension of the date of discharge if the bankrupt leaves Hong Kong). Consequence of Bankruptcy Discharge. A Guide to Personal Insolvency in Hong Kong Bankruptcy is a process to realise an insolvent individual’s assets and distribute the proceeds amongst his creditors.

It starts when the Court makes a bankruptcy order against an individual “the debtor” who is File Size: KB. It remains to be seen whether Hong Kong Courts will follow the English authority of Spectrum Plus in considering the validity of fixed charges over book debts.

Hong Kong has a registration regime for charges granted by Hong Kong companies (and foreign companies required to be registered in Hong Kong), and charges subject to the registration. Author Since the publication of the Hong Kong Personal Insolvency Manual (), there have been significant developments in Hong Kong insolvency law and practice.

The Second Edition of this Manual addresses the developments in personal insolvency and will be a valuable resource for accounting and legal professionals working in the field.

HKO Cap.6 s.1 BANKRUPTCY ORDINANCE (CAP.6) Section 1 Short title Version Date: 30 June 3. HKO Cap.6 s.2 BANKRUPTCY ORDINANCE (CAP.6) Section 2 Interpretation Version Date: 01 April 4.

HKO Cap.6 s.3 BANKRUPTCY ORDINANCE (CAP.6) Section 3 Who may present a bankruptcy petition Version Date: 01 April 5.

The Butterworths® Hong Kong Bankruptcy Law Handbook - Sixth Edition is an essential bankruptcy law reference, setting out the full text of the Bankruptcy Ordinance (Cap 6), the most important piece of legislation pertaining to the administration of bankruptcy law in Hong Kong.

The Historical Laws of Hong Kong Online is a full-text image database providing access to past revised editions of Hong Kong Laws. The database comprises a total of seven consolidations of the laws of Hong Kong:, and (last updated to ). With the current Laws of Hong Kong available on the web, the Historical Laws of Hong Kong Online database rightly.

"Transactions at an undervalue" in s Bankruptcy Ordinance Subject to this section and sections 51 and 51A, where a debtor is adjudged bankrupt and he has at a relevant time (defined in section 51) entered into a transaction with any person at an undervalue, the trustee may apply to the court for an order under this section.

Hong Kong insolvency law regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other obligations, and matters ancillary to and arising from financial distress.

The law in this area is now primarily governed by the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32) and the Companies (Winding Up) Rules.

The Butterworths Hong Kong Company Law Handbook, now in its 21st Edition, includes detailed analysis and annotations on the Companies Ordinance (Cap ).

This handbook explains the full text of the Ordinance as currently in force with section-by-section annotations, encompassing significant judicial decisions and rules of court, as well as history notes, definitions of words and phrases.

The Books Registration Office has introduced a new version of Books Registration Form on 1 July The Books Registration Ordinance (Chapter of the Laws of Hong Kong) stipulates that. The publisher of a new book shall, within 1 month after the book is published, printed, produced or otherwise made in Hong Kong, deliver to the Books Registration Office free of charge 5 copies of the.

Frequently Asked Questions about Bankruptcy: Important Notice: Disclaimer IVA is a formal procedure under the Bankruptcy Ordinance to provide an alternative to bankruptcy.

A debtor makes a repayment proposal to the court and the creditors. (also fax number and e-mail address, if any) in Hong Kong and elsewhere. He/She should respond. (1) A bankruptcy petition shall not be presented to the court under section 3(1)(a) or (b) unless the debtor-(a) is domiciled in Hong Kong; (b) is personally present in Hong Kong on the day on which the petition is presented; or (c) at any time in the period of 3 years ending with that day.

The Court also investigates the causes of bankruptcy and may punish the bankrupt if any provision in the Bankruptcy Ordinance (Cap. 6 of the Laws of Hong Kong) has been breached.

The debtor in bankruptcy proceedings can be an individual person or several persons (e.g. a partnership), excluding limited companies. n Hong Kong, the Bankruptcy Ordinance (Cap.

6) and the Com - panies Ordinance (Cap. 32) set out the provisions and rules for governing personal bankruptcy and corporate insol - vency. The relevant provisions that relate to corporate insolvency in Hong Kong have been retitled “Companies (Wind - ing Up and Miscellaneous Provisions)File Size: KB.

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Annual General Meeting (AGM) According to s. of the Companies Ordinance, each company has to convene its first annual general meeting within 18 months since its incorporation.

For the coming annual general meetings, no more than 15 months in between the coming one and the previous one held.

under Companies Ordinance (Cap. ) (CO), if such company is incor- of the company, a charge on book debts of the company, or a charge on calls made but not paid) created by: (i) a Hong Kong company; and (ii) a regis- Hong Kong courts will recognise and enforce foreign judgments where re.

Pursuant to sA(10)(a) of the Bankruptcy Order (“BO”), the bankruptcy period does not start running if a bankrupt has left Hong Kong before the commencement of the bankruptcy and has not returned to Hong Kong.

The period only starts to run when the bankrupt returns to Hong Kong. The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance (Cap.

32) (the “Amendment Ordinance”) recently came into operation on 13 February The Amendment Ordinance brings Hong Kong’s winding-up procedures and insolvency law in line with international developments.

As identified in the reform exercise, the underlying objectives are to have a more. Insolvency & Restructuring. [Hong Kong] [Features] May Nick Stern. Cross-Border Update. Hong Kong’s lack of a statutory regime for cross-border insolvency is in stark contrast with Singapore, which adopted the UNCITRAL Model Law on Cross-Border Insolvency in (Winding Up and Miscellaneous Provisions) Ordinance (Cap.

CHAPTER 8 Bankruptcy. Learning objectives. After studying this chapter, you should be able to. 1 Explain the concept of bankruptcy and who can be made bankrupt in Hong Kong. 2 Describe the process of bankruptcy and the implications of the various stages of the proceedings on the bank as creditor.

3 Understand the implications of a bankruptcy proceeding against a bank depositor or. Liable to imprisonment for up to two years. Bankrupt absconding with property Any persons who are adjudged bankrupt will (unless they prove that they had no intent to defraud) be guilty of an offence if after the presentation of a bankruptcy petition, or within six months before such presentation, they quit Hong Kong and takes with them, or attempt or make preparation to quit Hong Kong.

The main goal of the bankruptcy procedure in Hong Kong is to satisfy all the claims of the creditors. The assets of the bankrupt company or individual are gathered and distributed accordingly among the creditors.

The bankrupt company in Hong Kong must observe the provisions of the Bankruptcy Ordinance and such a company will have to comply with the duties that arise during this procedure.5/5. This is a new statutory provision in the context of a corporate insolvency. 4 Until its introduction, it existed only in the Hong Kong Bankruptcy Ordinance in the context of individual bankruptcy 5 but without a corporate equivalent.

It provides that if the company goes into liquidation and during the five year period before the winding up.What happens when you file for bankruptcy in Hong Kong Based on the guide provided in the Official Receiver’s Office website, everything that you need to do will be under the Bankruptcy Ordinance.

This ordinance will serve as your guide in dealing with the creditor or .