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Following is the speech by the Secretary for Financial Services and the Treasury, Mr Frederick Ma, in moving the resolution on Bankruptcy (Amendment) Rules 2007 in the Legislative Council today (June 14):
Madam President,
I move the first resolution standing in my name on the agenda. The resolution seeks this Council's approval of the Bankruptcy (Amendment) Rules 2007, which were made by the Chief Justice under section 113 of the Bankruptcy Ordinance.
This Council enacted the Bankruptcy (Amendment) Ordinance 2005 on July 6, 2005 to facilitate the Official Receiver to outsource administration of summary bankruptcy cases to private-sector insolvency practitioners, and to make other miscellaneous amendments to the Bankruptcy Ordinance. Before the Bankruptcy (Amendment) Ordinance 2005 can come into operation, consequential amendments to the subsidiary legislation under the Bankruptcy Ordinance are necessary to implement the statutorily-empowered outsourcing scheme. This resolution, together with the three that follow, serves this purpose.
The Bankruptcy (Amendment) Rules 2007 contain mostly technical amendments to adjust the respective powers and duties of the "Official Receiver", "provisional trustee" and "trustee" in bankruptcy cases under the new outsourcing regime. The opportunity is also taken to modernise and streamline the drafting of certain provisions.
In finalising the Amendment Rules, we have benefitted from the advice of the Judiciary and other market stakeholders. We have taken on board their technical and drafting comments as appropriate.
Madam President, these Amendment Rules are essential to the implementation of the Bankruptcy (Amendment) Ordinance 2005, which empowers private-sector insolvency practitioners to provide trusteeship service in summary bankruptcy cases. This represents new business opportunities to qualified professionals. It will also raise efficiency in dealing with bankruptcy cases, and will make our bankruptcy law more business-friendly. Subject to Members' approval of the Amendment Rules, and upon completion of the preparatory work, the Official Receiver's Office will start to run a pilot outsourcing scheme for summary bankruptcy cases later this year.
I hope Members will support passage of this resolution. Thank you Madam President.
Ends/Thursday, June 14, 2007
Issued at HKT 15:00
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