PROVISIONAL SUPERVISION AND (MORE IMPORTANTLY) INSOLVENT TRADING
Provisional Supervision (“PS”) has been talked about for many years and at long last it appears to be on its way, subject to course to legislative time being available. Government has issued its latest take on the issue and has indicated its intention to introduce a bill to Legco. As part of the bill there will also be the equally long awaited Insolvent Trading provisions, designed to allow the Court to impose personal liability on directors of insolvent companies.
What follows is a brief summary of some of the major aspects of the legislation and the Government’s latest views on them as a result of the last 18 months or so of consultation together with a few comments. The whole of the Government’s response it can be seen at http://www.fstb.gov.hk/fsb/ppr/consult/doc/review_crplp_conclusions_e.pdf