Companies (Winding-Up and Miscellaneous Provisions) Ordinance: Commentary & Annotations, 2016 Edition

All Companies and Commercial Law practitioners must now be aware of the forthcoming amendments and changes to the Companies (Winding-Up and Miscellaneous Provisions) Ordinance (Cap. 32) and subsidiary legislation. These amendments are tentatively scheduled to be enacted by the end of December 2016/early 2017.

This new 2016 edition of the “Companies (Winding-Up and Miscellaneous Provisions) Ordinance” (Cap. 32) examines and analyses the:

• Key proposals designed to increase the protection of creditors in the course of a company winding-up;
• Additional safeguards to reduce the risk of abuse by directors during a voluntary winding-up process; 
• Increased power of the Courts to set aside questionable transactions;
• Streamlining the winding-up process to save time and costs for the administration of such cases;
• Increased power of the Liquidator to preserve and protect the assets of a company during the winding-up and liquidation process ;
• Increased liability of company directors and members involved in questionable dealings and payouts within the year of a company’s winding-up process