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Under Hong Kong law, the term insolvency is usually used with reference to companies, and bankruptcy is used in relation to individuals. Personal bankruptcy is regulated by the Bankruptcy Act (Cap 6). [5] The objectives underpinning Hong Kong insolvency law have been described as follows: [4]
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 bankruptcy. The Bill for an Act with this short title will usually have been known as a Bankruptcy Bill during its passage through Parliament.
Hong Kong Peak Tramways Ordinance Cap.265 Authorized the construction of system 1883 1950 Originally Cap.6 1883 and Cap.304 1950 Police Forces (Change of Title) Ordinance Name change 1969 1997, 1999 Changed from Hong Kong Police Force to Royal Hong Kong Police Force; changed back in 1997 ICAC Ordinance Cap.204 establishment of the ICAC 1974
General; Tax avoidance. Repatriation tax avoidance; Tax evasion; Tax resistance; Tax shelter; Debtors' prison; Smuggling; Black market; Unreported employment; Corporate
Hong Kong: 1983: Real estate: Accounting fraud. An auditor was murdered, an adviser committed suicide. The largest collapse in Hong Kong history. Texaco: United States: 13 April 1987: Oil: After a legal battle with Pennzoil, whereby it was found to owe a debt of $10.5 bn, Texaco went into
Hong Kong's legal system was developed under British governance, based on the English common law. Under British rule, the constitutional documents that governed Hong Kong were the Letters Patent and the Royal Instructions, and judicial cases were generally appealable to the Judicial Committee of the Privy Council in the UK. [3]
The landmark anti-corruption mechanism that serves as the foundation of Hong Kong’s success in addressing corruption is the Independent Commission Against Corruption, which was established on February 15, 1974. It was created as an independent disciplined force and law enforcement agency directly under the governor of Hong Kong. [1]
Income tax rate in Hong Kong is 2% when net taxable income is from 1 to 50,000 Hong Kong dollars, 6% when net taxable income is between 50,001 and 100,000 Hong Kong dollars, 10% when net taxable income is between 100,001 and 150,000 Hong Kong dollars and 14% when net taxable income is between 150,001 and 200,000 Hong Kong dollars.