| Renewal of RIF Membership for 2010-2011 |
As your 2009-2010 RIF membership expired on 30 June 2010, it is time to renew your RIF membership for 2010-2011. This year, the annual subscription fee remains as HK$780 for members of the Hong Kong Institute of CPAs, staff of the Institute member practices and students of the Institute, and HK$950 for all other RIF members, inclusive of the £29 sterling INSOL membership fee.
A renewal package, including a membership renewal form, has been sent to your correspondence address by post. Please renew your RIF membership before end of July 2010.
|
|
|
|
Hong Kong Personal Insolvency Manual |
This second edition (2010) of the Hong Kong Personal Insolvency Manual, authored by Charles D. Booth and Edward Tyler, and containing a foreword by Hon Madam Justice Kwan, addresses personal insolvency developments in Hong Kong since the publication of the first edition in 2003. In addition to expanding the discussion of many topics addressed in the first edition, the manual also includes an additional chapter on cross-border insolvency.
Together with its companion volume, the Hong Kong Corporate Insolvency Manual (2nd edn) by Stephen Briscoe and Charles D. Booth, they are the principal course texts for the Institute’s diploma in insolvency and also valuable resources for accounting and legal professionals working in the field.
The manuals can be purchased at the Institute’s counter on 27/F of Wu Chung House, CPA e-Shop or by mail order. The price is HK$580 per copy for Institute members, registered students and RIF members, and at HK$680 per copy for others.
|
|
| Diploma in Insolvency - the HKICPA's First Specialist Qualification |
Congratulations to the 40 candidates who successfully completed the Institute's Diploma in Insolvency 2009/2010. The pass rate was 66 percent.
Professor Andrew Keay of Leeds University in the United Kingdom was appointed to carry out an independent review of this programme. He stated in his final report in June this year:
"….. the Course has been well-constructed, it has been administered efficiently, and students have been provided with a good course. From what I can see the Course is rigorous."
"….. the Course has achieved the standard required of a specialist, professional qualification and, perhaps most importantly, it provides an appropriate level for a professional qualification in insolvency."
"What I like about it is that the Course has a good blend of academics, practising lawyers and practising accountants involved in all aspects of the Course and working together."
On the basis of Professor Keay's report, the Institute has decided to award the diploma programme as a specialist qualification ("SQ"), the Institute's first SQ. Successful candidates of the programme, including those of the 2000/01 to 2009/10 programmes, may therefore use the title SQ (Insolvency) after their names in recognition of the achievement of the SQ in insolvency.
The next Diploma in Insolvency programme will commence in September 2010. Please watch out for more details coming soon. To register your interest, please contact Tracy Yeung at 2287 7233 of the Institute's professional development department.
|
|
Call for Contributions to Companies Ordinance Rewrite
In mid-2006, the HKSAR Government launched a major exercise to rewrite the Companies Ordinance ("CO"). Public consultation on the draft clauses of an extensive companies bill (except for the winding-up provisions) is conducted in two phases – the first phase ended in March 2010 and the second phase started on 7 May 2010 and will end on 6 August 2010. A review of the winding-up provisions will be part of the next phase.
To represent the voice of insolvency practitioners, the RIF executive committee ("RIFEC"), through its Technical Sub-committee, is taking the initiative to identify areas of the CO that insolvency practitioners believe need to be amended in the CO Rewrite, with the aim of making a submission to the government on proposals for legislative reform.
RIF members' contributions to this project are essential. Please send us your views on matters that need to be addressed in the winding-up provisions of the CO, and related subsidiary legislation, and any proposals for specific amendments, by email Mary Lam, at <rif@hkicpa.org.hk>, under the subject "CO Rewrite Project – Winding-Up Provisions".
|
|
|
|
Court Decision on Litigation Funding for Liquidators |
The judgement of the case re Cyberworks Audio Video Technology Ltd (HCCW 1113/2002), handed down on 4 May 2010, addressed the legal principles relevant to an assignment of a cause of action to a third party funder.
Section 199(2)(a) of the Companies Ordinance (Cap. 32) gives a liquidator power to sell the "property" of a company and "property" is defined, under section 3 of Interpretation and General Clauses Ordinance (Cap. 1) to include "choses in action". A cause of action is a chose in action and, therefore, section 199(2)(a) enables a liquidator to sell a cause of action vested in a company over which he has been appointed.
Click here for the full judgment and here for an article about the case written by Stephen Briscoe, one of the liquidators of Cyberworks.
|
|
| Article: Litigating Lehman |
The May 2010 issue of the Institute’s journal, A Plus, features an article on KPMG liquidators talk about how they are tackling the world's largest and most complex bankruptcy, Lehman Brothers.
|
|
Case Study Video: The Collapse of ABC Learning
The collapse of ABC Learning, one of the world’s largest child care centre operators, is the subject of a case study that covers not only the fundamental flaws in the company's accounting but the ethical and corporate governance issues that contributed to its demise. It shows what can happen if these go unchecked.
The video, launched by CPA Australia early this year, is now publicly available on YouTube, at:
< http://www.youtube.com/watch?v=YYF6JW9vJKo >.
|
|
|
INSOL Update |
2010-11 Global Insolvency Practice Course
The deadline for enrolment to the 2010-11 Global Insolvency Practice Course, an advanced educational qualification focusing on international insolvency, is 30 July 2010. Participants who successfully complete the course will be granted a Fellowship from INSOL International.
Click here to view the course brochure, which contains the application form.
Technical Paper No. 11 – Review of the PRC Bankruptcy Law in 2009
The 11th technical paper under the INSOL Technical Papers Series, jointly written by Professor Li Shuguang and Wang Zoufa, which provides a good insight into how the new bankruptcy laws are applied in practice in the mainland, is available on the INSOL website.
|
|
| About Town |
| |
 |
Baker Tilly Hong Kong Business Recovery Limited (“BTHKBR”) has been acquired by FTI Consulting Inc., a global business advisory firm listed on the New York Stock Exchange. Going forward, BTHKBR trades as FTI Consulting (Asia) Limited and continues to provide all existing services (including insolvency, restructuring and forensic services) and extends to business risk solutions, business intelligence, etc. Further information about FTI Consulting is available at < www.fticonsulting.com > and < www.intl-risk.com >. |
| |
|
|
BDO Hong Kong has appointed Kenneth Yeo as a partner and director of its Specialist Advisory Services division, with effect from 3 May 2010. |
| |
|
|
Briscoe & Wong Limited has moved its office to 602 The Chinese Bank Building, 61-65 Des Voeux Road, Central, Hong Kong. Telephone and fax numbers, and email address, remain unchanged.
|
| |
|
|
Ferrier Hodgson’s Hong Kong, Shanghai and Philippines offices has become FS Asia Advisory with effect from 1 July 2010. The firm continues to provide specialist restructuring, forensics and advisory services. The management structure remains intact, with a professional team of 130 people in these offices. |
|
| Your RIF Needs You! |
Do you have news or personnel updates that may be of interest to other RIF members, or have just set up a new firm in the insolvency field, why not share the information with your fellow members.
The RIF Editorial sub-committee welcomes news, articles and other contributions from members – a commentary on recent legal judgment, for example, or details of an interesting work assignment. The IP's Voice is your newsletter and the voice of insolvency professionals in Hong Kong. If you would like to contribute a newsworthy item to The IP's Voice, see "Contact us" below.
|
|
|
| Quick links: |
 The Institute's website |
| RIF webpages |
| Past issues of The IP's Voice |
INSOL International
|
|
Contact us
|
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>. |
| |
If you require any technical assistance on this transmission, please contact the IT support team at 2287-7800 or <itsupport@hkicpa.org.hk>. |
| |
|
|
Disclaimer
|
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. |
|
|
