Recent Developments in Hong Kong Bankruptcy Law Reform
International Insolvency Review, Vol. 2, No. 1, p. 120, 1993
16 Pages Posted: 6 Feb 2010 Last revised: 13 Feb 2010
Date Written: 1993
Current Hong Kong insolvency law, primarily the Bankruptcy Ordinance and winding up legislation, is based on English legislation that harks back to the late nineteenth century. Now, for the first time in almost a century, a substantial overhaul of Hong Kong insolvency is under way. On 14 September 1990, at the request of the Chief Justice and the Attorney General, the Law Reform Commission of Hong Kong formed the Insolvency Sub-Committee to review and propose reforms to extant insolvency law legislation. Within the next year the Insolvency Sub-Committee intends to issue two interim reports. After issuing the second interim report, the Sub-Committee will then review the rest of insolvency law. This article does not offer a complete analysis of the likely insolvency reforms. Rather, it (i) discusses selected recommendations regarding bankruptcy that it is understood the Insolvency Sub-Committee will make in the first interim report, and (ii) notes some of the trends that appear to be emerging during the reform process.
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