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The Standing Committee on Company Law Reform (SCCLR) today (November 29) published its 2009-10 annual report.
During the reporting period, the SCCLR considered the following major topics:
* statutory corporate rescue procedure;
* headcount test for members' or creditors' sanction of a scheme under section 166 of the Companies Ordinance; and
* proposed operational model for implementing a scripless securities market in Hong Kong.
A spokesman for the Government said: "We appreciate the effort of the SCCLR and thank the SCCLR for all its work. Their comments and recommendations have been very useful in the formulation of the proposals on the statutory corporate rescue procedure, the headcount test under section 166 of the Companies Ordinance and the operational model for implementing a scripless securities market in Hong Kong. These proposals have subsequently been published for public consultations."
"We will continue to seek the advice of the SCCLR on necessary amendments to the Companies Ordinance and other relevant legislation," the spokesman added.
The SCCLR was formed in 1984 to advise the Financial Secretary on necessary amendments to the Companies Ordinance and other relevant legislation, in order to ensure that the law continues to meet the needs of the business community.
The membership of the SCCLR is drawn from a wide spectrum of sectors, including lawyers, accountants, company secretaries, businessmen, academics and representatives of Government departments and regulatory bodies.
The SCCLR's annual report for 2009-10 is available to the public at the websites of the Financial Services and the Treasury Bureau (www.fstb.gov.hk/fsb) and the Companies Registry (www.cr.gov.hk/).
Ends/Monday, November 29, 2010
Issued at HKT 16:34
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