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Insolvency Training
The Insolvency Preparatory I (PI) course is commencing in March 2009. The PI course, which focuses on building broad knowledge and understanding of the basic principles of insolvency administration, is designed for those intending to pursue their career in the field of insolvency or related areas.
Click here for course details and an enrolment form. The deadline for registration is 6 March 2009. Seats are limited, so register early to secure your seat.
Also watch for details about the Preparatory II (PII) course, starting in June 2009. The PII course, which offers an in-depth and integrated study of the financial, management, legal and accounting aspects of insolvency administration, is designed for those who are employed in the field of insolvency or related areas and have attained at least 18 months of relevant experience or have successfully completed the PI course.
The Institute also plans to reintroduce the Insolvency Diploma later this year, so watch this space!
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| Legislative Update |
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| Companies Ordinance Rewrite |
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(a) |
Consultation conclusions on the Companies Ordinance ("CO") Rewrite third consultation, which was conducted in mid-2008 and covered proposals on share capital, the capital maintenance regime and statutory amalgamation procedure, have recently been released by the government.
Following the consultation, the government has decided not to adopt the solvency test approach for creditor protection in relation to all forms of distribution. Where the existing solvency test applies, the government will examine whether it can be further enhanced by, e.g., extending it to cover the ability to pay longer-term debts beyond 12 months, rather than adding a balance sheet test as a second limb. The conclusions also make it clear that the government does not intend to define what constitutes "distributable profit" or "realised profit", and will leave it to the Institute to produce guidance on this.
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| (b) |
Work on the review of the statutory winding up provisions is due to commence in 2009, under the CO Rewrite project. The RIF intends to be proactive in identifying areas where amendments should be made to the CO. Any RIF members who are interested to participate in this project, are invited to contact Mary Lam, Assistant Director, Specialist Practices at <rif@hkicpa.org.hk>.
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| Government resumes work on a corporate rescue law |
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The government has recently announced that work on drafting a corporate rescue law in Hong Kong will resume. Rescue legislation aims to give companies facing short-term financial difficulties the leeway to restructure their business, secure new funds or find new investors. Members may recall that the previously-proposed legislation, the Companies (Corporate Rescue) Bill foundered on disagreements, primarily over employee entitlements, after being introduced into the Legislative Council ("Legco"), and was allowed to lapse in July 2004, at the end of that LegCo's term of office. (More information on the previous bill can be found on the LegCo website, at: <http://www.legco.gov.hk/yr00-01/english/bc/bc12/general/bc12.htm#n>).
The RIF understands that, as part of the current project, examples of corporate rescue legislation and regulations in other common law jurisdictions will be studied, and professionals will be consulted. Any members interested to contribute to the RIF's work in this area are also invited to contact Mary Lam at <rif@hkicpa.org.hk>. |
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Members Share their Experience and Views
Opinion piece: Should there be licensing for insolvency practitioners in Hong Kong? In this article, RIF member Stephen Briscoe shares his view on the subject with fellow RIF members.
The Editorial Sub-committee welcomes RIF members and their firms to share their views on the insolvency and restructuring topics of the day.
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INSOL Update |
INSOL International's World Quadrennial Congress
Vancouver, 21 – 24 June 2009
INSOL International's 2009 Quadrennial Congress will provide a good opportunity for insolvency and turnaround professionals from around the world to get together to exchange ideas, network and learn about the latest developments in the field.
The rapid growth in the globalization of business means that many proceedings now entail some cross border involvement - whether this be operations, financing or outsourcing arrangements. It is vital, therefore, to understand the latest issues and challenges in conducting a cross border restructuring or insolvency. The current global recession is being met with unprecedented governmental intervention, in many cases resulting in political decisions affecting individual entities and whole industries. Legislation has not kept pace, which makes the role of the skilled insolvency professional even more important.
INSOL has developed a full programme covering a wide variety of topics, which includes a keynote speech followed by over 18 different sessions. There will also be time to network - to renew old friendships and make new ones. The Vancouver Quadrennial in June 2009 promises to be a major event in IPs' calendar.
RIF members should note that the early registration deadline is 3 March 2009. Registration information can be found in the registration brochure.
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Insolvency news from around the world
RIF members may wish to be aware of a new insolvency website, GLOBAL INSOLvency, at <http://global.abiworld.org>. This is a joint project between INSOL and the American Bankruptcy Institute, which contains international news headlines on insolvency and related matters, information on current issues in insolvency and restructuring law and on the legal framework for insolvency and restructuring in different jurisdictions. |
| About Town |
People on the move
Baker Tilly Hong Kong wishes to announce the addition of five new directors to its Corporate Restructuring Division: Ricky Liu and Paul Cummins, based in Hong Kong, supported by Liu Xiao Hua, Xu Bin and Dong Li Min, in Mainland China. They join Bruno Arboit and Simon Blade in heading up an experienced team of insolvency and corporate recovery advisers.
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| Your RIF Needs You! |
Do you have news that may be of interest to other members? Do you have personnel updates, new appointments that you wish to announce, or have you just set up a new firm in the insolvency field? If so, don't keep it to yourself, let other RIF members in on the news. The RIF Editorial sub-committee also needs contributions of articles from members - a recent legal judgment or, perhaps, details of an interesting work assignment. Remember The IP's Voice is your newsletter and the voice of insolvency professionals in Hong Kong.
If you would like to contribute an article or newsworthy item to The IP's Voice, see "Contact us" below. |
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| Quick links: |
 The Institute's website |
| RIF webpages |
| INSOL International |
INSOL International's Quadrennial Congress
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Contact us
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For enquiries on the content of this e-newsletter, comments on consultations, submission of articles or newsworthy items, etc., please email Mary Lam, Assistant Director, Specialist Practices at: <rif@hkicpa.org.hk>. |
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If you require any technical assistance on this transmission, please contact IT support team at 2287-7800 or <itsupport@hkicpa.org.hk>. |
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Disclaimer
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Some sections of this newsletter contain information from outside sources. We endeavour to link to reputable sources but the Institute is not responsible for the accuracy of the content and the content does not necessarily represent the views of the Institute.
This email together with the file(s) transmitted is intended solely for addressee(s) only and may contain confidential or privileged information. If you received this email in error, please contact the sender and delete it together with its attachment(s) from your computer(s). You should note that the views expressed in this email are those of the authors and do not necessarily represent those of the Institute. The recipient should check this email and all attachments for the presence of viruses. The Institute will not accept liability for any damage caused by any viruses transmitted with this email.
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