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There are "traditional" provisional liquidators, appointed under section 193 of the Hong Kong Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32); there are also provisional liquidators appointed pursuant to a members' voluntary liquidation under section 228A of the Ordinance, and there are "Panel T" appointments under ...
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]
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.
In Hong Kong, insolvency is primarily governed by the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32) and the Companies (Winding Up) Rules (Cap 32H). India [ edit ]
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 ...
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 ...
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 ...
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 ...