Standing Committee on Company Law Reform publishes annual report
During the reporting period, the SCCLR considered the provisions of various draft subsidiary legislation necessary for the implementation of the new Companies Ordinance, which was passed by the Legislative Council in July 2012. The Government has taken on board the SCCLR's comments in finalising the subsidiary legislation, which was subsequently tabled and passed by the Legislative Council earlier this year. The Government has also updated the SCCLR on the progress of the exercise to improve the corporate insolvency law in Hong Kong during the reporting period.
A Government spokesman said, "The new Companies Ordinance will provide a modernised legal framework for the incorporation and operation of companies in Hong Kong, and enhance Hong Kong's status as an international financial centre. Following the completion of the legislative process, preparation is now in full swing to bring the new Companies Ordinance into operation on March 3, 2014.
"The SCCLR has all along been our important partner in the Companies Ordinance rewrite exercise. We are most grateful for its expert advice and valuable contribution throughout the years."
The SCCLR was formed in 1984 to advise the Financial Secretary on necessary amendments to the Companies Ordinance and other relevant legislation, in order to ensure that the law continues to meet the needs of the business community.
The SCCLR has a broad-based membership comprising legal experts, professional accountants, company secretaries, businessmen, academics and representatives of relevant government agencies and regulatory bodies.
The SCCLR's 2012-13 annual report is now available for public inspection at the websites of the Financial Services and the Treasury Bureau (www.fstb.gov.hk/fsb) and the Companies Registry (www.cr.gov.hk).