New Companies Ordinance – Old Winding Up and Insolvency Regime
30 January 2014
Mayer Brown JSM Legal Update
The new Companies Ordinance is expected to become effective on 3 March 2014.
Whilst it will provide an updated legal framework for the formation and operation of companies in Hong Kong, the new Ordinance will not cover the winding up and insolvency related regime. Provisions on these aspects will remain in the existing Companies Ordinance, which will be re-titled the Companies (Winding up and Miscellaneous Provisions) Ordinance.
Changes to the winding up and insolvency regime are on the horizon – the government kicked off a consultation process with the issue of a consultation document in April 2013, which focuses on five primary areas for review.