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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]
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 ...
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.
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 ...
Having wound-up the company's affairs, the liquidator must call a final meeting of the members (if it is a members' voluntary winding-up), creditors (if it is a compulsory winding-up) or both (if it is a creditors' voluntary winding-up). The liquidator is then usually required to send final accounts to the Registrar and to notify the court.
Subdivision 2: Provisions applicable only to Members' Voluntary Winding up; Subdivision 3: Provisions applicable only to Creditors' Voluntary Winding up; 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 ...
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 ...