Bankruptcy (Amendment) Bill 1998

Amend the Bankruptcy Ordinance and to make consequential amendments to the Landlord and Tenant (Consolidation) Ordinance, the Sale of Goods Ordinance, the Commodities Trading Ordinance, the Road Traffic Ordinance, the Protection of Wages on Insolvency Ordinance, the Drug Trafficking (Recovery of Proceeds) Ordinance, the Securities and Futures (Clearing Houses) Ordinance, the Leveraged Foreign Exchange Trading Ordinance, the Organized and Serious Crimes Ordinance and the Tai Lam Tunnel and Yuen Long Approach Road Ordinance.

Enacted by the Legislative Council.

1. Short title

This Ordinance may be cited as the Bankruptcy (Amendment) Ordinance 1998.

2. Amendment of Bankruptcy Ordinance--- (Schedule 1)

The Bankruptcy Ordinance (Cap. 6) is amended as indicated in Schedule 1.

3. Amendment of Landlord and Tenant (Consolidation) Ordinance--- (Schedule 2)

The Landlord and Tenant (Consolidation) Ordinance (Cap. 7) is amended as indicated in Schedule 2.

4. Amendment of Sale of Goods Ordinance--- (Schedule 3)

The Sale of Goods Ordinance (Cap. 26) is amended as indicated in Schedule 3.

5. Amendment of Commodities Trading Ordinance--- (Schedule 4)

The Commodities Trading Ordinance (Cap. 250) is amended as indicated in Schedule 4.

6. Amendment of Road Traffic Ordinance--- (Schedule 5)

The Road Traffic Ordinance (Cap. 374) is amended as indicated in Schedule 5.

7. Amendment of Protection of Wages on Insolvency Ordinance--- (Schedule 6)

The Protection of Wages on Insolvency Ordinance (Cap. 380) is amended as indicated in Schedule 6.

8. Amendment of Drug Trafficking (Recovery of Proceeds) Ordinance--- (Schedule 7)

The Drug Trafficking (Recovery of Proceeds) Ordinance (Cap. 405) is amended as indicated in Schedule 7.

9. Amendment of Securities and Futures (Clearing Houses) Ordinance--- (Schedule 8)

The Securities and Futures (Clearing Houses) Ordinance (Cap. 420) is amended as indicated in Schedule 8.

10. Amendment of Leveraged Foreign Exchange Trading Ordinance--- (Schedule 9)

The Leveraged Foreign Exchange Trading Ordinance (Cap. 451) is amended as indicated in Schedule 9.

11. Amendment of Organized and Serious Crimes Ordinance--- (Schedule 10)

The Organized and Serious Crimes Ordinance (Cap. 455) is amended as indicated in Schedule 10.

12. Amendment of Tai Lam Tunnel and Yuen Long Approach Road Ordinance--- (Schedule 11)

The Tai Lam Tunnel and Yuen Long Approach Road Ordinance (Cap. 474) is amended as indicated in Schedule 11.

SCHEDULE 1 [s. 2]

Amendment of Bankruptcy Ordinance

Item Provision affected Amendment

1. Section 99(3) (a) In paragraph (a), repeal "receiving orders" and substitute "bankruptcy orders".

(b) In paragraph (b), repeal "rescind receiving orders or to annul an adjudication" and substitute "annul adjudications".

"(c) applications for an interim order in respect of a voluntary arrangement; and".

2. Schedule 1 In Part I, by adding---

"2. Entitlement to present bankruptcy petition

Subject to the provisions of this Schedule, where a criminal bankruptcy order is made against any person he shall be treated as a debtor against whom grounds exist for a creditor to present a bankruptcy petition.".

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SCHEDULE 2 [s. 3]

Amendment of Landlord and Tenant (Consolidation) Ordinance

Item Provision affected Amendment

1. Section 127 Repeal "receiving order in bankruptcy" and substitute "bankruptcy order".

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SCHEDULE 3 [s. 4]

Amendment of Sale of Goods Ordinance

Item Provision affected Amendment

1. Section 2(3) Repeal "whether he has committed an act of bankruptcy or not and".

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SCHEDULE 4 [s. 5]

Amendment of Commodities Trading Ordinance

Item Provision affected Amendment

1. Section 32(1)(c)(iii) Repeal "composition or scheme of arrangement" and substitute "voluntary arrangement".

SCHEDULE 5 [s. 6]

Amendment of Road Traffic Ordinance

Item Provision affected Amendment

1. Sections 77D(1)(d), 88D(1)(d) Repeal "has committed an act of bankruptcy" and and 88L(1)(d) substitute "grounds exist for a creditor to present a bankruptcy petition against him".

2. Schedule 9 In paragraph 2(c)---

(a) repeal "the proprietor has committed an act of bankruptcy or" and substitute "grounds exist for a creditor to present a bankruptcy petition against the proprietor or he";

(b) repeal "composition" and substitute "voluntary arrangement".

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SCHEDULE 6 [s. 7]

Amendment of Protection of Wages on Insolvency Ordinance

Item Provision affected Amendment

1. Section 18(1)(b)(ii) and (2)(b) Repeal "has committed an act of bankruptcy" and substitute "is liable to have a bankruptcy petition presented against him".

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SCHEDULE 7 [s. 8]

Amendment of Drug Trafficking (Recovery of Proceeds) Ordinance

Item Provision affected Amendment

1. Section 7(8)(a) Repeal "receiving order" and substitute "bankruptcy order".

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SCHEDULE 8 [s. 9]

Amendment of Securities and Futures (Clearing Houses) Ordinance

Item Provision affected Amendment

1. Section 11(2), definition of In paragraph (a), repeal "an act of bankruptcy "prescribed event" committed by" and substitute "grounds exist for a creditor to present a bankruptcy petition against".

SCHEDULE 9 [s. 10]

Amendment of Leveraged Foreign Exchange Trading Ordinance

Item Provision affected Amendment

1. Section 11(2)(c) Repeal "compromise or scheme of arrangement with creditors, commits an act of bankruptcy" and substitute "voluntary arrangement with creditors, is liable to have a bankruptcy petition presented against him".

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SCHEDULE 10 [s. 11]

Amendment of Organized and Serious Crimes Ordinance

Item Provision affected Amendment

1. Section 12(8)(a) Repeal "receiving order" and substitute "bankruptcy order".

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SCHEDULE 11 [s. 12]

Amendment of Tai Lam Tunnel and Yuen Long Approach Road Ordinance

Item Provision affected Amendment

1. Section 50 (a) In paragraph (e), add "and" at the end.

(b) Repeal paragraph (f).

Explanatory Memorandum

This Bill amends the Bankruptcy Ordinance (Cap. 6) and makes consequential amendments to the Landlord and Tenant (Consolidation) Ordinance (Cap. 7), the Sale of Goods Ordinance (Cap. 26), the Commodities Trading Ordinance (Cap. 250), the Road Traffic Ordinance (Cap. 374), the Protection of Wages on Insolvency Ordinance (Cap. 380), the Drug Trafficking (Recovery of Proceeds) Ordinance (Cap. 405), the Securities and Futures (Clearing Houses) Ordinance (Cap. 420), the Leveraged Foreign Exchange Trading Ordinance (Cap. 451), the Organized and Serious Crimes Ordinance (Cap. 455) and the Tai Lam Tunnel and Yuen Long Approach Road Ordinance (Cap. 474).