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According to Bankruptcy Ordinance (Cap. 6), once the court make a bankruptcy order, the Official Receiver will become the provisional trustee of the property of the bankrupt, and become the liquidator under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) to conduct personal or company compulsory liquidations.
Curiously the Companies (Winding Up and Miscellaneous Provisions) Ordinance makes no express provision for insolvency set-off within the statute itself, and instead, the relevant provisions are incorporated by reference from the Bankruptcy Ordinance. [24]
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]
A company which is insolvent may be put into liquidation (sometimes referred to as winding-up). The directors and shareholders can instigate the liquidation process without court involvement by a shareholder resolution and the appointment of a licensed Insolvency Practitioner as liquidator. However, the liquidation will not be effective legally ...
When appointed by the court and creditors, the Official Receiver (破產管理署) is responsible for the proper and orderly administration of the estates of insolvent companies ordered to be wound up by the court under the winding-up provisions of the Companies Ordinance and of individuals or partners declared bankrupt by the court under the ...
Subdivision 4: Provisions applicable to every Voluntary Winding up; Division 4: Provisions Applicable to Every Mode of Winding up Subdivision 1: General; Subdivision 2: Proof and Ranking of Claims; Subdivision 3: Effect on other Transactions; Subdivision 4: Offences; Subdivision 5: Dissolution; Division 5: Winding up of Unregistered Companies ...
In most jurisdictions, a liquidator's powers are defined by statute. [3] Certain powers are generally exercisable without the requirement of any approvals; others may require sanction, either by the court, by an extraordinary resolution (in a members' voluntary winding up) or the liquidation committee or a meeting of the company's creditors .In the United Kingdom, see sections 165-168 of the ...
Legislation relating to voidable floating charges is intended to prevent abuse of a security interest which catches literally all of the assets of the company, and could be used by person to strip out all of the assets from a company in difficulty from the unsecured creditors. However, if the holder of the floating charge has inserted new money ...