The long awaited changes to Hong Kong’s Protection of Wages on Insolvency Fund (PWIF) have moved one step closer to becoming law. As we explained on 18 October 2011, (read here), the changes will now allow employees to claim from the PWIF up to HK$10,500 in respect of unpaid holiday pay. Previously employees could only…
Continue ReadingResults of the Official Receiver’s Panel T Tender for Summary Liquidations
It’s that time of the year again when the Hong Kong Administration announces the outcome of its latest tender for private-sector firms to undertake summary liquidations. The results of the latest tender can be found here on the Official Receiver’s website. The average tender price in 2010, the last time the tender was held, was…
Continue ReadingRegulating Order Obtained in Yu Kee Food Company Limited
(In Compulsory Liquidation) Following the winding-up of the Company on 29 August 2011, Nichole Chan and Stephen Briscoe were appointed joint and several liquidators of the Company on 26 October 2011. This appointment was made by way of a Regulating Order pursuant to s.227A of the Companies Ordinance. A committee of inspection was also appointed…
Continue ReadingProtection of Wages on Insolvency Fund (Update 1)
A few weeks ago we drew attention to the proposed changes to the Protection of Wages on Insolvency Fund (“PWIF”) which would mean that employees could be paid up to a maximum of HK$10,500 by the PWIF in respect of unpaid holiday pay. This was seen as a very positive move designed to give further…
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