Issue no. 5 (29 April 2009)
 
Insolvency Training
INSOL Update
       
Contracting Out of Winding-up Cases by the ORO About Town
       
Members Share their Experience and Views Your RIF Needs You!
       
Article: Transactions with Intent to Defraud Creditors Click here for the past issues of The IP's Voice
 
 

  Insolvency Training

The Insolvency Preparatory II (PII) course, commencing on 6 June 2009, is now open for enrolment. The course offers an in-depth and integrated study of the financial, management, legal and accounting aspects of insolvency administration with specific emphasis on the practical issues. It is aimed at those who have attained 18 months of insolvency or related experience, or those who have successfully completed the Insolvency Preparatory I course (previously called the Introductory Insolvency course).

Please click here for the course details and enrolment form. The deadline for registration is 15 May 2009. As the demand for this course may be high, register early to secure your seat.

The Institute will also reintroduce the Insolvency Diploma later this year, so watch this space!

 
       

Contracting Out of Winding-up Cases by the ORO
 

At the Legislative Council (“LegCo”) meeting on 11 February 2009, Mr. Paul Chan, LegCo representative of the accountancy constituency, put an oral question to the Administration regarding the outsourcing (by tender) of winding-up cases by the Official Receiver's Office (“ORO”) since 2002. Secretary for Financial Services and the Treasury, Professor K.C. Chan, replied on behalf of the Administration.

The following were some of the key issues raised:


 
How to ensure that service providers of different sizes had equal opportunities of being awarded contracts under the outsourcing arrangements?

 
Whether any review had been conducted by the ORO of the criteria and procedure for granting contracts?

 
Whether there were any cases where the performance of the service providers had fallen short of the contract requirements?

 
What mechanisms were in place to ensure the quality of outsourced services?

 
What follow-up actions were contractors required to take when they uncovered misconduct on the part of a company being wound up?

 
 
Click here for the full text of the question and the reply, and Mr. Paul Chan's follow-up question.
 
 

Members Share their Experience and Views

In this article on The New Case Management Regime in the High Court of Hong Kong, Mr. Ian De Witt writes on the reforms of the civil procedure recently introduced by the High Court of Hong Kong to improve the time and cost effectiveness of its proceedings.

The Editorial Sub-committee welcomes contributions from RIF members and their firms (see "Contact us" below).


Article: Transactions with Intent to Defraud Creditors

In a judgment handed down on 5 November 2008, in the case of Tradepower Holdings Limited (In Liquidation) v Tradepower (Hong Kong) Limited and others (CACV 101/2008), the Court of Appeal re-affirmed the directors’ duties to a company’s creditors. Further information about the case is contained in an article produced by ONC Lawyers.



INSOL Update


INSOL International's World Quadrennial Congress
Vancouver, 21 – 24 June 2009


INSOL International's 2009 Quadrennial Congress will provide a good opportunity for insolvency and turnaround professionals from around the world to get together to exchange ideas, network and learn about the latest developments in the field. The conference programme, which covers a variety of current topics, includes a keynote speech followed by over 18 different sessions. There will also be time to network – to renew old friendships and make new ones.

The registration deadline is 20 May 2009. Registration information can be found in the registration brochure.


About Town

People on the move

Kennic L.H. Lui and Co. has announced a name change and is now practising under the name KLC Kennic Lui & Co. and KLC Kennic Lui & Co. Ltd., more commonly referred to as KLC. The new name is accompanied by a revised KLC logo. Visit
http://www.kenniclui.com/en/enews_424.html to find out more about the changes.

BDO McCabe Lo Limited, the BDO Member Firm in Hong Kong, has announced an agreement to merge Shu Lun Pan Horwath Hong Kong CPA Limited into the existing firm, with effect from 1 May 2009. The combined firm will be renamed BDO Limited. For more about the merger, go to http://www.bdo.com.hk/news_090414.htm.



Your RIF Needs You!

Do you have news that may be of interest to other members? Do you have personnel updates, new appointments that you wish to announce, or have you just set up a new firm in the insolvency field? If so, don't keep it to yourself, let other RIF members in on the news. The RIF Editorial sub-committee also needs contributions of articles from members – a recent legal judgment or, perhaps, details of an interesting work assignment. Remember The IP's Voice is your newsletter and the voice of insolvency professionals in Hong Kong.

If you would like to contribute an article or newsworthy item to The IP's Voice, see "Contact us" below.

Quick links:
The Institute's website
RIF webpages
Past Issues of The IP's Voice
INSOL International
INSOL International's Quadrennial Congress

Contact us

For enquiries on the content of this e-newsletter, comments on consultations, submission of articles or newsworthy items, etc., please email Mary Lam, Assistant Director, Specialist Practices at: rif@hkicpa.org.hk.

 

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Disclaimer

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