Hong Kong’s new Companies Ordinance (Cap 622) comes into force 3 March 2014. The changes apply primarily to those sections of the Ordinance that deal with, for want of a better phrase, live companies.
Those sections of the Ordinance that deal with dead and dying companies will remain unchanged until the current round of consultations on the winding-up provisions of the Ordinance have been completed and implemented, which, given the current timetable, is likely to be in 2018 or 2019.
From a corporate rescue and insolvency perspective the main change revolves around the new name of the legislation dealing with the winding-up of companies which, from 3 March will be known as the Companies (Winding-up and Miscellaneous Provisions) Ordinance (Cap 32). Just rolls off the tongue doesn’t it?
In practical terms that is the only material change, as all the section numbers in the newly named legislation will be exactly the same as those in the original Companies Ordinance. For example, a meeting of creditors convened pursuant to s.241 of the old Companies Ordinance will now be convened pursuant to s.241 of the Companies (Winding-up and Miscellaneous Provisions) Ordinance.
If you have any questions about these changes please feel free to contact Stephen Briscoe on 2899 2015 or at email@example.com