Companies Ordinance 2016 (Amendment): Winding up and miscellaneous provisions - Workshop 2017

Insolvency administration regime in Hong Kong is undergoing some important changes and Insolvency Practitioners need to prepare themselves to adopt changes and overcome new challenges.

The last major amendments made to the corporate winding-up regime occurred in 1984. Since then, a number of other amendments have been made to various provisions on corporate insolvency at different times focusing on specific issues.

The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (except Division 7 of Part 8) came into effect on 13 February 2017. What does it mean to you?

Key topics covered:

• Objectives of Insolvency Law
• Objectives of the Bill:
  - increase protection of creditors;
  - streamline the winding-up process; and
  - further enhance the integrity of the winding-up process
• Highlights of amendments and new requirements
• Areas of further improvements
• Where is our Corporate Rescue Procedures?

Trainer profile:

Kenneth Chen FCPA (Aust.), Founding Partner, ZHONGLEI Specialist Advisory Services Limited and ZHONGLEI Forensic Accounting Services Limited

Kenneth specialises in formal and informal corporate restructuring and insolvency administrations and forensic accounting investigations in support of litigation and arbitration. Kenneth has been awarded by the HKICPA with Specialist Designation (Insolvency) and Specialist Qualification (Insolvency). From his accounting and commercial practice in the past 20 years, Kenneth has extensive experience of cross border issues involving Hong Kong, Mainland China and other offshore jurisdictions. Kenneth has been instrumental in formulating exit strategies for Foreign Investment Enterprises and resolving disputes and problems in the Mainland China.

Other than insolvency administrations, Kenneth also focused on forensic accounting for both civil and criminal matters in Hong Kong and Mainland China, including investigations of internal control, family and shareholders’ disputes, fraudulent capital verification reports, fictitious sales and letters of credit, falsification of documents, hidden commissions and bribes, anti-money laundering, assets and funds tracing including for the Department of Justice and other Law enforcement departments. Kenneth’s testimonies have been admitted in the courts of Hong Kong and Singapore and he also has experience of being cross-examined as expert witness (Hong Kong High Court) and factual witness (Singapore Supreme Court) as a result of his forensic findings.

Learning objectives

• Understand the objectives of the amendments
• Identify the new requirements for various stakeholders
• Learn new powers and duties of insolvency practitioners

Audience

This workshop is suitable for professionals in corporate sectors  and anyone who are interested in Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016.