A useful comparative guide on the surviving parts and sections of CAP. 32
The application of CAP. 32 after the new law’s enactment remains somewhat confusing and complex – as certain provisions have been repealed altogether and reference should be made to equivalent provisions in CAP. 622 – while other parts and sections concerning prospectuses, winding up and insolvency of companies, and disqualification of directors, continue remain in force.
This publication is a comparative table of the re-titled CAP. 32 “Companies (Winding up and Miscellaneous Provisions) Ordinance” dealing with company winding up and insolvency.
In order to assist practitioners and users of Hong Kong Companies Law, this text has been developed to illustrate that text of Schedules 9 and 11 of the New CAP. 622 against and compared to the relevant provisions of CAP. 32, highlighting:
1. Parts and Sections of CAP. 32 which continue to remain in full force and effect and still applicable herewith;
2. Parts and Sections of CAP. 32 have been completely repealed;
3. Provisions of CAP. 32 which have continuing effect under the transitional provisions of CAP. 622;
4. Matters relating to the operation of companies which took place before
3 March 2014 and continue past the commencement of CAP. 622; and
5. Equivalent provisions in CAP. 622 where relevant and comparable to CAP. 32.
This is an illustration of how the insolvency sections of the old law have been changed and re-written to also reflect the 5 new aspects of winding-up:
(i) the commencement of winding-up;
(ii) the appointment, powers, vacation of office and release of provisional liquidators and liquidators;
(iii) the conduct of winding-up;
(iv) voidable transactions; and
(v) the investigation during winding-up, offences antecedent to or in the course of winding-up and powers of the court.
