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  1. Insolvency laws to be reviewed

    Posted May 05th 2005, 12:00am by Martin Wong

    ... Martin Wong In a surprise move, the government supported a Legco motion yesterday to uphold workers' rights by reviewing the insolvency system and related laws. The move comes in response to a series of sudden restaurant closures that have forced workers to seek compensation from the Insolvency Fund. The legislature yesterday passed an amended motion, with cross-party ...

  2. Personal bankruptcies drop by over 4pc

    Posted Jun 18th 2005, 12:00am by Dennis Eng

    ... Dennis Eng The 4.37 per cent dip in the number of personal bankruptcies- down by 37 to 810- last month compared with April has been attributed to an improving economy. Last month's bankruptcy filings also dropped by 22.71 per cent compared with the s ...

  3. Jobs boost seen as bankruptcy petitions fall

    Posted May 21st 2005, 12:00am by Dennis Eng

    ... Dennis Eng The number of personal bankruptcy petitions declined by 10, to 847, in April- a sign, one economist said, that brighter employment prospects and better job security are helping people's finances, despite the spectre of rising interest rate ...

  4. Bankruptcy applications hit four-year low

    Posted Mar 19th 2005, 12:00am by Martin Wong

    ... Martin Wong Personal bankruptcy applications hit a four-year low of 640 last month, down 29 per cent from 900 in January, the Official Receiver's Office reported yesterday. The number of compulsory winding-up orders fell to 698, an 18 per cent declin ...

  5. HK personal bankruptcy petitions hit four-year low

    Posted Jan 21st 2005, 12:00am by Nick Gentle

    ... Nick Gentle An improving economy and better risk management among banks and consumers saw the number of Hong Kong people applying for bankruptcy last year hit a four-year low, according to figures released yesterday. The figures, issued by the Official Re ...

  6. Workers fined for abusing wage fund

    Posted Sep 27th 2005, 12:00am by Martin Wong

    ... Martin Wong Six former workers of two seafood restaurants were fined a total of $25,000 yesterday in the first prosecution involving abuse of the Protection of Wages on Insolvency Fund. ... of Wages on Insolvency Fund. The Labour Department said the six had applied for ex gratia payments from the insolvency fund when the restaurants closed in February. They claimed wages in arrears, ...

  7. Paper giant's HK arm cleared for bailout

    Posted Oct 05th 2005, 12:00am by Jane Moir

    ... Jane Moir Court lets APP unit restructure $1b debt that will see creditors take 90pc haircut The Hong Kong arm of Asia Pulp & Paper Group has obtained court approval to restructure up to $1.19 billion in debt after insurer American Home Assurance with ...

  8. Charity a last resort to pay owners' $25m debt

    Posted Feb 02nd 2005, 12:00am by Andy Chen

    ... Andy Cheng The government is still looking for some form of 'community charity' to help impoverished Albert House flat owners out of their financial hole, but it will be a last resort, an official said yesterday. Deputy Director for Home Affairs ...

  9. Holes appearing in wages safety net

    Posted Apr 23rd 2005, 12:00am by Jane Moir

    ... and liabilities after it becomes obvious it can no longer pay its debts when they become due. Jurisdictions such as Australia and Britain have laws making directors personally liable for insolvent trading on their statute books. Hong Kong has talked about it since 1995. The aim of insolvent trading law is to encourage troubled companies to start debt restructuring early. 'It's a very big ...

  10. We've been deserted by officials, say flat owners

    Posted Jan 11th 2005, 12:00am by Martin Wong

    ... their situation. 'Under the law the court will only rule according to the black-and-white situation. However, the court should also take into account our real-life condition,' she said. ...




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