Source: http://docplayer.net/1897297-Clearing-and-settlement-systems-bill.html
Timestamp: 2017-02-21 10:35:22
Document Index: 126216533

Matched Legal Cases: ['ART 1', 'ART 2', 'ART 16', 'ART 16', 'ART 1', 'ART 16', 'ART 1']

Clearing and Settlement Systems Bill - PDF
Download "Clearing and Settlement Systems Bill"
1 Summary of and Hong Kong Society of Accountants ( HKSA ) in letter dated 6 February 2004 as discussed at Meeting with the Administration on 4 March 2004 Purpose HKSA agrees that the should preserve the integrity of the transfer orders and not subject the settlements thereof to challenge both under the general law and/or on the insolvency of a counterparty. However, it believes that the rights of an insolvency office holder ( IOH ) under the general law to challenge the underlying economic transaction being effected by the transfer order should remain, albeit with modifications to ensure that any action taken by the IOH does not interfere with or challenge the integrity of transfer orders effected by a designated system, which HKSA believes is also the intended effect of the. 2-3 HKSA s understanding of the policy intentions of the is correct. It is the policy stance that the is to preserve the integrity of the transfer orders from the law of insolvency but with minimal disruption to the law of insolvency as far as possible so modification to such law is only made to that extent necessary. Agreed. The does not intend to create a further and separate insolvency regime. This goal is also agreed. However, we consider that the as currently drafted has the effect of creating a further separate insolvency regime. If the is enacted as currently drafted we consider that there will be three separate insolvency regimes: The insolvency regime under the general law; The insolvency regime for transactions governed by the SFO; and The insolvency regime for transactions2 Summary of and Hong Kong Society of Accountants ( HKSA ) in letter dated 6 February 2004 as discussed at Meeting with the Administration on 4 March 2004 governed by the as enacted The definition of insolvency has been expanded to include analogous insolvency proceedings in other jurisdictions (clause 13(c)) and the definition of designated system now includes systems outside Hong Kong if they accept trades denominated in Hong Kong Dollars (clause 3(2)(b))(an amendment which in itself appears fine). As currently drafted, the now purports to disapply all insolvency laws (i.e. multijurisdictional laws) in relation to transfer orders settled through a designated system. Certain clauses of the seem to be drafted in what HKSA would suggest is an appropriate way to deal with conflict of laws/jurisdictional matters (which mirrors the approach taken in the Securities and Futures Ordinance ( SFO ) (in particular, section 54 in relation to the law of insolvency in other jurisdictions) and in the UK Statutory Instrument 1999 No.2979 ( UK SI )). For example, clauses 19 and 24 of the work by clause 19 disapplying certain relevant domestic Hong Kong insolvency legislation and clause 24 confirming that the Hong Kong courts shall not give effect to orders of courts of other competent jurisdictions if the effect of this would be to affect the integrity of the transfer orders. This drafting should be reflected throughout the We will review clauses to see if there is any unintended extra-territorial application. This approach is appreciated we propose to revert with any further comments after reviewing any amendments in the next draft that is circulated. 23 Summary of and Hong Kong Society of Accountants ( HKSA ) in letter dated 6 February 2004 as discussed at Meeting with the Administration on 4 March (b) HKSA agrees that clause 19(b) is an essential provision to preserve the integrity of a designated system and the transfer orders settled through it. However, the drafting of clause 19(b) is considered to be too wide as it validates not only the relevant transfer order but also the underlying transaction (i.e. the disposition of property). 11 It was agreed at the meeting that the current drafting disposition of property in pursuance of such [a transfer] order confined its application to the immediate disposition of property necessitated by the relevant transfer order, not the underlying economic transaction. Whilst we accept that the aim of the is as stated above and we do not consider that the current drafting necessarily fails to achieve this aim, we consider that the could be even clearer in its drafting and should contain a provision (not necessarily at clause 19) which has for the avoidance of doubt type wording in order to provide express and unequivocal recognition of the differences between the transfer orders and other transactions effected through the clearing system (which are to be preserved) and those transactions falling outside these protected clearing house transactions which are still subject to challenge by the IOH a definition / clear distinction of the concept of underlying economic 34 Summary of and Hong Kong Society of Accountants ( HKSA ) in letter dated 6 February 2004 as discussed at Meeting with the Administration on 4 March 2004 transaction may assist in this regard. At the meeting we also discussed the concept of the third type of transaction - the hybrid transaction not effected wholly within the clearing house but which was also to be protected it might also be useful to ensure such type of transaction is expressly protected. We propose to review this point after we have reviewed the next version of the revised draft purports to remove the powers of the court under sections 49 and 50 of the Bankruptcy Ordinance, section 266 of the Companies Ordinance and section 60 of the Conveyancing and Property Ordinance in making any order in respect of any transfer order or any disposition of property in relation to any transfer order or disposition of property. The use of the words in relation to and inclusion of or disposition of property are believed to be sufficiently wide to catch the underlying transaction as well as the transfer order and property disposition effected by a designated system pursuant to the transfer order itself. 14 It was agreed at the meeting that reference to disposition of property must be read in its context, namely, disposition of property in pursuance of a transfer order, and that these words alone would not extend to include the underlying transaction. However, we will consider whether the wording in relation to in the phrase in relation to a disposition of property in pursuance of a transfer order could be construed as admitting the application of 45 Summary of and Hong Kong Society of Accountants ( HKSA ) in letter dated 6 February 2004 as discussed at Meeting with the Administration on 4 March 2004 the provision to the underlying transaction, and if so, consider appropriate wording to ensure that the provision will not cover the underlying economic transaction. Please see the additional comments in relation to the preceding point we should appreciate the opportunity to review this point after circulation of the revised draft. We still consider that clarification wording in the would be useful to avoid uncertainty. 25 Whilst clause 25 purports to preserve right of the IOH in relation to the underlying economic transactions, clause 25(1) begins Except to the extent that it expressly provides, this Part.. This qualification renders clause 25 ineffective as, arguably, the provisions of clauses 19(b) and 20 are worded so that they prevent a claim in relation to the underlying economic transaction as well as the transfer orders It was clarified at the meeting that clauses 19(b) and 20 were only intended to cover a transfer order and the immediate disposition of property as a result of the transfer order. The right of an IOH in relation to the underlying transaction would not be affected. We agree that this is the intended aim of these sections. 56 Summary of and Hong Kong Society of Accountants ( HKSA ) in letter dated 6 February 2004 as discussed at Meeting with the Administration on 4 March 2004 Nevertheless, we appreciate HKSA s concerns about the wording Except to the extent that it expressly provides and will consider a suitable amendment with a specific reference to the relevant clauses instead. We appreciate this approach and look forward to reviewing your further drafting on this point. 26, 27 Under clauses 26(2) and 27(2) of the, the IOH is entitled to recover from the counterparty the gain made by that counterparty, i.e., an immediate debt claim against that counterparty. This is significantly different from the position under the general law: transaction at an undervalue claims and preference claims require an order of the court to create a debt claim. Additionally, the scope of the court order available under the general law is wider than under the in that it can potentially effect parties other than the counterparty. HKSA suggests to consider adopting the UK model as in the UK SI. The UK SI does not remove existing transaction at an undervalue and preference claims and replace them with alternative claims. Instead, the UK SI restricts the orders available to the court and limits the powers and duties of an IOH in order that the integrity of transfer orders is 7-9 The aims to achieve similar results to the UK SI. These two clauses are designed to minimize the impact of the rights and remedies of an IOH taken away by clauses 19 and 20. We do not accept that aim is achieved by the as currently drafted. The in its current form largely mirrors the approach of the SFO in creating an additional insolvency regime. The UK SI does not do this it does not remove the underlying insolvency regime and provide for replacement provisions 67 Summary of and Hong Kong Society of Accountants ( HKSA ) in letter dated 6 February 2004 as discussed at Meeting with the Administration on 4 March 2004 safeguarded. Such an order would preserve (and not unwind) transfer orders but adjust the underlying transaction by making an order to reverse its economic effect. instead it merely limits the IOH s rights under UK insolvency law and prevents UK insolvency law from operating in a way that might affect the integrity of the clearing system settlement. It was agreed at the meeting that it was a policy decision whether to retain the current approach in the (which followed the approach taken in the SFO), or to adopt that in the UK SI. This point is agreed we do not accept that the follows the UK SI but whether or not it should do so is indeed a policy matter. HKSA suggested that the concept of a transaction at an undervalue in clause 26 be amended by replacing the expression significantly less in subclause (3)(b) with the expression less. HKSA was concerned that the inclusion of the term significantly would create uncertainty as to whether a right of action under the clause existed, 78 Summary of and Hong Kong Society of Accountants ( HKSA ) in letter dated 6 February 2004 as discussed at Meeting with the Administration on 4 March 2004 or could be proved in court. We consider that this is a significant point in practice and that this proposed change is necessary. The suggested change would bring the concept of gain in clause 26 more in line with the concept of gain in the corresponding section of the SFO. HKSA pointed out that the context of section 49 of the Bankruptcy Ordinance, where the expression significantly less also appeared, was different from that in clause 26 of the. This is correct this is because the as currently drafted has the effect of creating a debt claim whilst in the context of the Bankruptcy Ordinance the phrase is used in a context where a debt claim is not being created merely the right to apply to the Court for the Court to order a remedy if appropriate. 89 Summary of and Hong Kong Society of Accountants ( HKSA ) in letter dated 6 February 2004 as discussed at Meeting with the Administration on 4 March 2004 We will review the wording of clause 26 in the light of HKSA s comments. We appreciate this approach and look forward to reviewing any drafting changes in due course. 28(1)(a) The clause 28(1)(a) refers to any indication in writing by a creditor of the participant of his intention to pass a creditor s voluntary winding-up resolution. This is not technically possible a creditor s voluntary liquidation is commenced by the passing of a winding up resolution by the members of the company, not by a creditor or creditors of the company. 17 We will make a suitable amendment to clause 28(1)(a). Noted and appreciated. We will also revise the reference to statutory declaration in clause 28(1)(e) to take account of recent amendments to the Companies Ordinance. Again, noted and appreciated. 29 The clause proposes that in order to be released from compliance with the duties of his office to the extent that those duties are affected by any action under default arrangements, an IOH must make an application to the court to be released from compliance with such duties or for his duties to be 18 It was clarified at the meeting that the approach in the was similar to that under the SFO (section 46(1)) which aimed to provide relief to an IOH. 910 Summary of and Hong Kong Society of Accountants ( HKSA ) in letter dated 6 February 2004 as discussed at Meeting with the Administration on 4 March 2004 altered. In order to prevent the delay and expense of such applications, it is suggested that the be amended to state that the duties of an IOH will be deemed not to be applicable to the extent that the actions of an IOH otherwise required by such duties would conflict with the. 29 reflects an IOH s common law position and might only be relevant to a receiver as a receiver is not a court-appointed officer so that he does not have the inherent right to go to court for directions when in doubt as to the extent of his duties. It is proposed that clause 29 might be revised to include a deeming provision that an IOH s duties would be deemed to be modified to the extent affected by the. HKSA pointed out that under the common law all IOHs other than a receiver had an inherent right to apply to the court for directions as to the extent of their duties. HKSA also considered that the section could be read as providing that action taken under the would not have the effect of releasing an IOH from compliance with the functions of his office unless and until an order had been made by a court under the section. Agreed. We will review the wording of clause 29 in the light of HKSA s suggestion. Noted and appreciated. We suggest that the provision should address two issues: The automatic variation of the IOH' s duties to the extent they conflict with the ; and The provision of the right of an IOH 1011 Summary of and Hong Kong Society of Accountants ( HKSA ) in letter dated 6 February 2004 as discussed at Meeting with the Administration on 4 March 2004 (principally a receiver) to apply to Court for directions (to the extent the IOH is not already entitled to do so) to request clarification and/or variation of his duties to the extent that they conflict with the and the power of the Court to make any consequential order it sees fit. 30 This clause provides that the enforcement of execution/judgment or other legal process over assets provided as collateral security or held by a system operator or settlement institution of a designated system as collateral security is made subject to the consent of the systems operator or settlement institution (although this does not apply to anyone seeking to enforce any existing interest in or security over the property). This provision is not limited in time. HKSA suggests that it may be useful to add an exit provision if, following the insolvency of a counterparty, the settlement institution or systems operator does not enforce against the asset within a reasonable timescale (say one year). This is particularly important where the asset may have a value that provides surplus realisations over and above the amounts needed to collateralise the obligations for which it was provided, and that the IOH should have the ability to request that the court order the asset to be sold and the proceeds used first to pay the amount of the 19 It was agreed at the meeting that, in practice, the exit provision would not be necessary as the system operator would liquidate the collateral in a short period of time, if not within a day. We agree that in practice a situation where this might be an issue is unlikely to arise and therefore the point made was in essence a reference to a theoretical problem/exceptional circumstances rather than a known and substantial risk. The does not address this problem. We consider that whether or not to address this issue is a policy decision and 1112 Summary of and Hong Kong Society of Accountants ( HKSA ) in letter dated 6 February 2004 as discussed at Meeting with the Administration on 4 March 2004 collateralised obligation and the surplus paid to the estate of the insolvent counterparty. it is unlikely to have practical effect if this is not addressed in amended drafting in the. However, if the drafting is not amended, the theoretical risk will remain. Definitions The refers to a number of terms that are not defined. This leads to some repetition and also perhaps even some inconsistencies as to their scope. It might be useful for the terms Insolvency, Insolvency Proceeding and Insolvency Office Holder to be defined It was agreed at the meeting that the suggested definitions would not be required in this. The term relevant insolvency office holder has been defined in clause 2. We agree that such changes are probably not necessary but would like to review this point once the revised draft is circulated. The definition of law of insolvency in clause 13 of the is suggested to be amended. 16 of the refers to the general law of insolvency which is not clearly defined law. The law of insolvency is in HKSA s view a concept incorporating concepts from many other areas of law, in particular the law relating to the ownership of property and security and other interests. See the response to clauses Agreed we will revert with any comments once the revised draft is circulated. Hong Kong Monetary Authority Financial Services and the Treasury Bureau 1 April Similar documents
C1881 CLEARING AND SETTLEMENT SYSTEMS BILL CONTENTS Clause Page PART 1 PRELIMINARY 1. Short title and commencement... C1887 2. Interpretation... C1887 PART 2 DESIGNATION AND OVERSIGHT Division 1 Designation More information Payment and Settlement Systems (Finality and Netting) Bill
Bill No. 41/02 Payment and Settlement Systems (Finality and Netting) Bill Read the first time on 31st October 02. PAYMENT AND SETTLEMENT SYSTEMS (FINALITY AND NETTING) ACT 02 (No. of 02) ARRANGEMENT OF More information THE LAW SOCIETY OF HONG KONG
THE LAW SOCIETY OF HONG KONG COMMENTS BY THE COMPANY AND FINANCE LAW COMMITTEE ("COMPANY COMMITTEE") AND THE INSOLVENCY LAW COMMITTEE ("INSOLVENCY COMMITTEE") ON THE COMPANIES (AMENDMENT) BILL 2000 1. More information International Swaps and Derivatives Association, Inc. COLLATERAL LAW REFORM GROUP UNITED KINGDOM COUNTRY REPORT
International Swaps and Derivatives Association, Inc. COLLATERAL LAW REFORM GROUP UNITED KINGDOM COUNTRY REPORT Supplement to Collateral Arrangements in the European Financial Markets: The Need for National More information Glossary of terms. Bond Quasi fidelity insurance needed by a person who acts as an insolvency practitioner.
Glossary of terms Administration Order a) A Court order placing the company that is, or is likely to become, unable to pay its debts under the control of an administrator following an application by, inter More information Overview of the English law administration procedure and practical guidance for creditors
Overview of the English law administration procedure and practical guidance for creditors Set out below is an overview of the administration procedure, together with some practical guidance on the steps More information Third Parties (Rights against Insurers) Act 2010
Third Parties (Rights against Insurers) Act 2010 CHAPTER 10 CONTENTS Transfer of rights to third parties 1 Rights against insurer of insolvent person etc 2 Establishing liability in England and Wales and More information DIFC Insolvency Regulations (IR)
DIFC Insolvency Regulations (IR) 74085-00002 BK:9905372.1 1 1 October 2008 Contents The contents of this module are divided into the following Chapters, Sections and Annexes. 1. Introduction... 5 1.1 Application More information LEGAL GUIDE TO RECOVERING A TRADE DEBT
LEGAL GUIDE TO RECOVERING A TRADE DEBT Howat Avraam Solicitors A: 154 160 FLEET STREET, LONDON, EC4A 2DQ T: 020 7884 9400 E: Matthew.Howat@hasolicitors.co.uk Unpaid invoicing is a fact of life for most More information Insolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd
Insolvency and Business Recovery Procedures A Brief Guide Compiled by Compass Financial Recovery and Insolvency Ltd I What is Insolvency? Insolvency is legally defined as: A company is insolvent (unable More information AMERICAN BAR ASSOCIATION. ADOPTED BY THE HOUSE OF DELEGATES February 4-5, 2002
AMERICAN BAR ASSOCIATION ADOPTED BY THE HOUSE OF DELEGATES February 4-5, 2002 RESOLVED, that the American Bar Association recommends that the United States sign and ratify the United Nations Convention More information TECHNICAL ALERT 02/2016 PERSONAL INSOLVENCY (AMENDMENT) ACT 2015
TECHNICAL ALERT 02/2016 PERSONAL INSOLVENCY (AMENDMENT) ACT 2015 Readers of this document should note that the interpretation of detailed provisions of this amending legislation has yet to be tested in More information Glossary of Terms - Hong Kong
Glossary of Terms - Hong Kong Ad Valorem Fee Bankruptcy Ad Val, as it is known, was used to fund the operations of the Official Receiver's Office, but nowadays it goes into the general revenue. It has More information PART 16. Designated Activity Companies. Chapter 1. Preliminary and definitions. 965. In this Part
PART 16 Designated Activity Companies Chapter 1 Preliminary and definitions 5 10 15 965. In this Part constitution shall be read in accordance with section 969(1); DAC limited by guarantee means a DAC More information An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer
An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer November 2011 1 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent More information Hong Kong Bar Association. Comments on the Legislative Proposal to introduce an Open-Ended Fund Company Regime in Hong Kong
Hong Kong Bar Association Comments on the Legislative Proposal to introduce an Open-Ended Fund Company Regime in Hong Kong 1. It is not clear from the Proposal to what extent, if at all, the provisions More information 立 法 會 Legislative Council
立 法 會 Legislative Council Paper for the House Committee Meeting on 16 October 2015 Legal Service Division Report on Companies (Winding Up and Miscellaneous Provisions) (Amendment) Bill 2015 LC Paper No. More information Formalities. CROSS-BORDER HANDBOOKS www.practicallaw.com/restructurehandbook 159
Restructuring and Insolvency 2007/08 South Africa South Africa Leonard Katz, Edward Nathan Sonnenbergs www.practicallaw.com/0-234-3973 SECURITY AND PRIORITIES Formalities 1. What are the most common forms More information Corporate Insolvency Law In Singapore
Corporate Insolvency Law In Singapore The Legal Consequences of Corporate Insolvency Insolvency is a term generally used to describe a legal person s state of financial affairs. Specifically insolvency More information EXPLANATORY MEMORANDUM TO THE DEBT RELIEF ORDERS (DESIGNATION OF COMPETENT AUTHORITIES) (AMENDMENT) REGULATIONS 2009. 2009 No.
EXPLANATORY MEMORANDUM TO THE DEBT RELIEF ORDERS (DESIGNATION OF COMPETENT AUTHORITIES) (AMENDMENT) REGULATIONS 2009 2009 No. 1553 1. This explanatory memorandum has been prepared by the Department for More information Amendments recommended by the City of London Law Society to clause 48(1) of the Banking Bill 2008
The City of London Law Society 4 College Hill London EC4R 2RB Tel: 020 7329 2173 Fax: 020 7329 2190 www.citysolicitors.org.uk Amendments recommended by the City of London Law Society to clause 48(1) of More information Corporate Insolvency in Ireland
Corporate Insolvency in Ireland 0 CORPORATE INSOLVENCY IN IRELAND Introduction The collapse of the celtic tiger in Ireland has triggered a significant increase in the number of corporate entities incorporated More information Chapter: 32 COMPANIES ORDINANCE Gazette Number Version Date. Long title 30/06/1997. To consolidate and amend the law relating to companies.
Chapter: 32 COMPANIES ORDINANCE Gazette Number Version Date Long title 30/06/1997 To consolidate and amend the law relating to companies. [1 July 1933] (Originally 39 of 1932 (Cap 32, 1950)) Section: 1 More information ASSIGNMENT AND CHARGES OF CONTRACTUAL RIGHTS AND RECEIVABLES
ASSIGNMENT AND CHARGES OF CONTRACTUAL RIGHTS AND RECEIVABLES A version of this article, written by Head of Banking & Finance, Jonathan Porteous, first featured in Butterworths Journal of International More information Hong Kong Cross-border insolvency: The law and development in Hong Kong
Hong Kong Cross-border insolvency: The law and development in Hong Kong by Simon Powell and Viola Jing, Latham & Watkins This article considers the corporate insolvency laws in Hong Kong to which a creditor More information CENTRAL BANK OF MALTA
CENTRAL BANK OF MALTA DIRECTIVE NO 2 in terms of the CENTRAL BANK OF MALTA ACT (CAP. 204) PAYMENT AND SECURITIES SETTLEMENT SYSTEMS Ref: CBM/02 DIRECTIVE NO 2 PAYMENT AND SECURITIES SETTLEMENT SYSTEMS More information Terms and Conditions of Sale
Broadberry Data Systems Limited ("The Company") Terms and Conditions of Sale 1. General a) Unless otherwise expressly agreed in writing by a Director (or authorised executive) of the Company all goods More information A BASIC GUIDE TO INSOLVENCY PROCEEDINGS. 1. The Transfer of Undertakings (Protection of Employment) Regulations
A BASIC GUIDE TO INSOLVENCY PROCEEDINGS 1. The Transfer of Undertakings (Protection of Employment) Regulations ( TUPE ) are notoriously difficult to interpret. This is partly because they refer to other More information Comparison of Voluntary Liquidation Procedures in the British Virgin Islands, the Cayman Islands and Jersey
Comparison of Voluntary Liquidation Procedures in the British Virgin Islands, the Cayman Islands and Jersey Introduction In light of recent changes to UK tax on residential property it may in certain circumstances More information REPUBLIC OF VANUATU INSOLVENCY (CROSS - BORDER) ACT NO. 4 OF 2013. Arrangement of Sections
REPUBLIC OF VANUATU INSOLVENCY (CROSS - BORDER) ACT NO. 4 OF 2013 Arrangement of Sections 1 Purpose... 2 2 Interpretation... 2 3 Application of Model Law on Cross-Border Insolvency in Vanuatu... 3 4 Supreme More information Bills Committee on Companies (Winding Up and Miscellaneous Provisions) (Amendment) Bill 2015
CB(1)283/15-16(02) Bills Committee on Companies (Winding Up and Miscellaneous Provisions) (Amendment) Bill 2015 Response to Matters Raised by Members at the Meeting on 30 November 2015 This paper sets More information Administrative Notice No. 2a Subordinated Loan Capital. Date of Paper : 1 July 1994 Version Number : V1.00
No. 2a Subordinated Loan Capital Date of Paper : 1 July 1994 Version Number : V1.00 File Location : document4 Table of Contents Notice To Institutions Licensed Under The Banking Ordinance 1992... 3 General More information Guidance Note on Payment Protection Insurance Mis-Selling Claims
Guidance Note on Payment Protection Insurance Mis-Selling Claims 1. Background 1.1 Payment protection insurance ( PPI ) is intended to cover a borrower s unexpected loss of income as a result of redundancy, More information Bermuda Winding-Up Procedures
Bermuda Winding-Up Procedures Foreword The following is a summary of the law and procedure under the Companies Act 1981 ("the Act") in so far as it relates to liquidations of companies in Bermuda. The More information A Guide on Employee s Rights in Bankruptcy, Winding-up and Receivership
A Guide on Employee s Rights in Bankruptcy, Winding-up and Receivership Labour Department 09/2014 Foreword When an employer becomes insolvent, employees who are owed wages, wages in lieu of notice, pay More information PERFORMANCE BOND. [with limited liability*] whose [registered office/principal place of business in Hong Kong*] is at (* delete as appropriate)
PERFORMANCE BOND THIS PERFORMANCE BOND is made on DATE: [Insert date] BY: (1) [Insert name of bank providing the Performance Bond] a banking corporation incorporated in [Insert place of incorporation of More information Glossary of Terms: Insolvency and Restructuring
Glossary of Terms: Insolvency and Restructuring Administration Administration is the court supervised process by which a Licensed Insolvency Practitioner called an administrator takes control of an insolvent More information Non-collateralised Structured Products Supplemental Listing Document for Warrants over Single Equities issued by BOCI ASIA LIMITED
Hong Kong Exchanges and Clearing Limited ( HKEx ), The Stock Exchange of Hong Kong Limited (the Stock Exchange ) and Hong Kong Securities Clearing Company Limited take no responsibility for the contents More information BERMUDA 1943 : 39 MOTOR CAR INSURANCE (THIRD-PARTY RISKS) ACT 1943
Laws of Bermuda BERMUDA 1943 : 39 MOTOR CAR INSURANCE (THIRD-PARTY RISKS) ACT 1943 ARRANGEMENT OF SECTIONS 1 Interpretation 2 Minister may authorize insurers 3 Owner of motor car must hold insurance 4 More information Customer Agreement Milestone Forex
Customer Agreement Milestone Forex 1. Introduction 1.1. This Customer Agreement ( Agreement ) is entered by and between Milestone Forex (hereinafter called the Company ) and the customer who has completed More information A voluntary bankruptcy under the BIA commences when a debtor files an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy.
Bankruptcy and Restructuring 121 BANKRUPTCY AND RESTRUCTURING Under Canadian constitutional law, the federal government has exclusive legislative control over bankruptcy and insolvency matters. Insolvency More information Software Escrow & Copyright Agents Pty Ltd - Software Escrow Agreement
Schedule 1 General Details Agreement Date Customer Customer ABN Customer Address Commencement Date As per the date the Customer began paying the Escrow Service Fee product as defined in the Master Agreement. More information Guide on. Winding up / Dissolution. of Companies
SEC Guide SERIES SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Guide on Winding up / Dissolution of Companies NIC Building, Jinnah Avenue, Islamabad, Pakistan Ph. No. : 051-9207091-4, Fax: 051-9204915 More information Does the Regulation Apply?
A. JURISDICTION OF UNITED KINGDOM COURTS (see articles 3 and 2(d)) Does the Regulation Apply? If the proceedings are based on the debtor s insolvency, the debtor is not excluded under article 1(2) and More information No variation of these terms and conditions is agreed unless by a director of the contracting company in writing.
CONDITIONS OF CONTRACT FOR ELECTRICAL CONTRACTING SERVICES (SOUTH WEST) Ltd. NOTICES 1.1 The Contract documents consist of these conditions; the quotation attached shall form part of any contract with More information Energy Act 2013 CHAPTER 32. Explanatory Notes have been produced to assist in the understanding of this Act and are available separately
Energy Act 2013 CHAPTER 32 Explanatory Notes have been produced to assist in the understanding of this Act and are available separately Energy Act 2013 CHAPTER 32 CONTENTS PART 1 DECARBONISATION 1 Decarbonisation More information Submission to Open-Ended Fund Companies Consultation Paper issued by Financial Services and the Treasury Bureau
Submission to Open-Ended Fund Companies Consultation Paper issued by Financial Services and the Treasury Bureau Josephine Chung Director, Tom Ng, Research Assistant May 2014 For enquiries on this submission, More information Circular No 16 @ November 2014
Circular No 16 @ November 2014 Corporate Insolvency Introduction The new Insolvency Act 2011 provides for the administration, receivership and liquidation of companies, and for the licensing of insolvency More information Section: 1 Short title 30/06/1997
Chapter: 32 COMPANIES ORDINANCE Gazette Number Version Date Long title 30/06/1997 To consolidate and amend the law relating to companies. [1 July 1933] (Originally 39 of 1932 (Cap 32 1950)) Section: 1 More information MUSIC RESOURCES TERMS AND CONDITIONS FOR SCHOOLS ( Conditions )
MUSIC RESOURCES TERMS AND CONDITIONS FOR SCHOOLS ( Conditions ) Please ensure all relevant staff have read and understood these Conditions before signing. Please complete, sign and return the Music Resources More information CONSULTATION PAPER P021-2014 September 2014. Proposed Amendments to the Deposit Insurance and Policy Owners' Protection Schemes Act
CONSULTATION PAPER P021-2014 September 2014 Proposed Amendments to the Deposit Insurance and Policy Owners' Protection Schemes Act PREFACE i The Deposit Insurance Scheme ( DI Scheme ) was introduced in More information DORMANT BANK ACCOUNTS (JERSEY) LAW 201-
DORMANT BANK ACCOUNTS (JERSEY) LAW 201- REPORT Explanatory Note Draft 12A 7 July 2015 Page - 1 File No.711 Dormant Bank Accounts (Jersey) Law 201- Arrangement DORMANT BANK ACCOUNTS (JERSEY) LAW 201- Arrangement More information AMENDMENTS TO THE BANKRUPTCY AND INSOLVENCY ACT AND THE COMPANIES CREDITORS ARRANGEMENTS ACT TRANSFER, PREFERENCES AND OTHER ISSUES
Robertson Stromberg Pedersen LLP RSP (Saskatoon) Legal Prof. Corp. AMENDMENTS TO THE BANKRUPTCY AND INSOLVENCY ACT AND THE COMPANIES CREDITORS ARRANGEMENTS ACT TRANSFER, PREFERENCES AND OTHER ISSUES Presented More information Number 38 of 2014. Companies Act 2014 VOLUME 2 SECTIONS 963 TO 1448 AND SCHEDULES 1 TO 17
Number 38 of 2014 Companies Act 2014 VOLUME 2 SECTIONS 963 TO 1448 AND SCHEDULES 1 TO 17 [2014.] Companies Act 2014. [No. 38.] PART 16 DESIGNATED ACTIVITY COMPANIES CHAPTER 1 Preliminary and definitions More information A Consultative Paper on the Company Officers Disqualification Bill 2007. 16 October 2007
A Consultative Paper on the Company Officers Disqualification Bill 2007 16 October 2007 CONTENTS Page No. Section 1 Introduction 2 Section 2 Summary of contents of the draft Bill compared with current More information Risk Factors Relating to NWR s Debt
Risk Factors Relating to NWR s Debt The following is a brief summary of certain risks related to the 7.375% Senior Notes of NWR due 2015 (the 2015 Notes ) and the 7.875% Senior Secured Notes of NWR due More information Information Crib Sheet Equipment Rental Service Agreement
Information Crib Sheet Equipment Rental Service Agreement 1. Definitions and Interpretation This Service Agreement is to be read in conjunction with the Conditions for Communications Services (the Conditions More information Lexis PSL Restructuring & Insolvency Practice Note
Lexis PSL Restructuring & Insolvency Practice Note Unwinding unlawful Stop Press: The Small Business, Enterprise and Employment Act 2015 (SBEEA 2015) received Royal Assent on 26 March 2015 and introduced More information FINANCIAL SUPERVISION ACT 1988 LIFE ASSURANCE (COMPENSATION OF POLICYHOLDERS) REGULATIONS 1991 PART 1 INTRODUCTION
FINANCIAL SUPERVISION ACT 1988 LIFE ASSURANCE (COMPENSATION OF POLICYHOLDERS) REGULATIONS 1991 In exercise of the powers conferred on the Treasury by section 21 of the Financial Supervision Act 1988(a), More information Strengthening APRA s Crisis Management Powers. ASX Submission
Strengthening APRA s Crisis Management Powers ASX Submission 14 December 2012 Contents Executive Summary... 3 1. ASX supports a statutory management regime for FMIs which applies to overseas and domestic More information Voluntary liquidation under the BVI Business Companies Act 2004
Voluntary liquidation under the BVI Business Companies Act 2004 JULY 2013 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject More information Legislative Council Panel on Financial Affairs. Proposed Enhancements to the Deposit Protection Scheme
CB(1)780/14-15(05) For discussion on 4 May 2015 Legislative Council Panel on Financial Affairs Proposed Enhancements to the Deposit Protection Scheme PURPOSE This paper briefs Members on the legislative More information PAYMENT AND SETTLEMENT SYSTEMS ACT, NO. 28 OF 2005. [Certified on 20th September, 2005] PART I GENERAL PROVISIONS
PAYMENT AND SETTLEMENT SYSTEMS ACT, NO. 28 OF 2005 [Certified on 20th September, 2005] AN ACT TO PROVIDE FOR THE REGULATION OF PAYMENT, CLEARING AND SETTLEMENT SYSTEMS ; FOR THE DISPOSITION OF SECURITIES More information JRI S STANDARD TERMS OF PURCHASE. Business Day: a day (other than a Saturday, Sunday or public holiday) when banks in London are open for business.
JRI S STANDARD TERMS OF PURCHASE 1. INTERPRETATION 1.1 Definitions. In these Conditions, the following definitions apply: Business Day: a day (other than a Saturday, Sunday or public holiday) when banks More information Please ensure that the full date is entered (including the month and year e.g. 14 th December 2010.) Page 2 paragraph 7.1 Please insert the date
Please print this agreement, sign it and return it to: Accounts Department Maurice Lay Distributors Limited Fourth Way Avonmouth Bristol BS11 8DW Please ensure that you have completed the following At More information PENA LIMITED HONG KONG COMPANY SECRETARY TARIFFS
PENA LIMITED HONG KONG COMPANY SECRETARY TARIFFS I. COMPANY INCORPORATION BASIC PACKAGE II. SHELF READY MADE COMPANY PACKAGE III. SHELF READY MADE COMPANY ON DEMAND IV. COMPANY SECRETARIAL SERVICES V. More information BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003
BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003 This is a revised edition of the Substantive Laws, prepared by the Law Revision More information Liquidating an insolvent Jersey company
Liquidating an insolvent Jersey company DECEMBER 2011 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject matter. It is not More information Bankruptcy and Restructuring
doing business in Canada 102 p Bankruptcy and Restructuring 1. Legislation and Court System The Canadian bankruptcy and insolvency regime is divided between the federal and provincial levels of government More information Subd. 54. Governing statute. Governing statute means the statute that governs an organization s internal affairs.
322B Conversion provisions 322B.03 DEFINITIONS. [...] Subd. 34. Organization. Organization means a general partnership, including a limited liability partnership, limited partnership, including a limited More information Supplement of Terms and Conditions for Securities/Futures/Leveraged Foreign Exchange Trading Account
Supplement of Terms and Conditions for Securities/Futures/Leveraged Foreign Exchange Trading Account TABLE OF CONTENTS PART A INTERPRETATION PART B GENERAL TERMS PART C ADDITIONAL TERMS APPLICABLE TO RESPECTIVE More information Province of Alberta LIMITATIONS ACT. Revised Statutes of Alberta 2000 Chapter L-12. Current as of December 17, 2014. Office Consolidation
Province of Alberta LIMITATIONS ACT Revised Statutes of Alberta 2000 Current as of December 17, 2014 Office Consolidation Published by Alberta Queen s Printer Alberta Queen s Printer 5 th Floor, Park Plaza More information DEBT. Law guide - Debt, bankruptcy & liquidation
DEBT Law guide - Debt, bankruptcy & liquidation Contents Bankruptcy... 3 Arrangements with debtor... 6 Alternatives to bankruptcy... 8 Liquidation... 10 Distribution of assets... 11 Alternatives to liquidation... More information The Hongkong and Shanghai Banking Corporation Limited (incorporated in Hong Kong with limited liability under the Companies Ordinance of Hong Kong)
9 October 2015 Hong Kong Exchanges and Clearing Limited ( HKEx ), The Stock Exchange of Hong Kong Limited (the Stock Exchange ) and Hong Kong Securities Clearing Company Limited take no responsibility More information LIMITATIONS. The Limitations Act. being
1 LIMITATIONS c. L-16.1 The Limitations Act being Chapter L-16.1* of The Statutes of Saskatchewan, 2004 (effective May 1, 2005), as amended by the Statutes of Saskatchewan, 2007, c.28. *NOTE: Pursuant More information Greater protection to essential supplies of insolvent businesses
Knowledge Greater protection to essential supplies of insolvent businesses Knowledge Olswang 1 Greater protection to essential supplies of insolvent businesses Briefing note on the Insolvency (Protection More information Insolvency Practitioners Bill
Insolvency Practitioners Bill Government Bill Explanatory note General policy statement The Insolvency Practitioners Bill introduces a negative licensing system that gives the Registrar of Companies the More information Settlement Systems, Futures, and Emissions Units Bill
Government Bill Explanatory note General policy statement The is intended to signal that trades in securities and other products can be cleared and settled in New Zealand through systems that meet the More information If you are in full agreement with the document, kindly return the signature page at the end of the documents
Introducing Broker Agreement If you are in full agreement with the document, kindly return the signature page at the end of the documents Brokersclub Limited is a limited liability company registered in More information Loan Agreement (Short Form)
Loan Agreement (Short Form) Document 2050A Access to this document and the LeapLaw web site is provided with the understanding that neither LeapLaw Inc. nor any of the providers of information that appear More information (INDIVIDUALS ONLY) IndContPkge Version: 1.7 Updated: 18 Jul. 03
INDEPENDENT CONTRACTOR PACKAGE (INDIVIDUALS ONLY) IndContPkge Version: 1.7 Updated: 18 Jul. 03 Contents Preface 2 Checklist 3 Helpful Hints 4 Frequently Asked Questions 5 Agreement with an Independent More information BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000
BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000 This is a revised edition of the law, prepared by the Law Revision Commissioner under More information Legal Business. Memorandum On Members Voluntary Winding-Up Of A Company In Singapore
Memoranda on legal and business issues and concerns for multiple industry and business communities Memorandum On Members Voluntary Winding-Up Of A Company In Singapore 1 Rajah & Tann 4 Battery Road #26-01 More information INSOLVENT TENANTS OPTIONS FOR LANDLORDS
INSOLVENT TENANTS OPTIONS FOR LANDLORDS Contents 1 Tenant in Liquidation... 2 2 Tenant in Administration... 3 3 Tenant in Receivership... 3 4 Tenant in Company Voluntary Arrangement... 5 5 Tenant in Bankruptcy... More information Contract for services PSC Contractor (Ltd Company) Terms & Conditions
Contract for services PSC Contractor (Ltd Company) Terms & Conditions T: 0330 555 5000 www.nursdoc.com Contract for Services This Agreement is made between: Nursdoc Limited (Registered No. 08354601) whose More information Terms and Conditions 1. Definition 1.1 We, The Company, Our and Us means Guardian Recovery Limited whose registered office is 4 Tustin Court, Port Way, Preston, PR2 2YQ. Guardian Recovery Limited is registered More information CLSA FUTURES LIMITED FUTURES/OPTIONS TRADING SERVICES ANNEX
CLSA FUTURES LIMITED FUTURES/OPTIONS TRADING SERVICES ANNEX 1. Definitions and Interpretation 1.1 Subject to Clauses 1.2 and 1.3 below, in this CLSA Futures Limited - Futures/Options Trading Services Annex, More information RESIDENTIAL LIMITED COVERAGE MORTGAGE MODIFICATION POLICY Issued By WFG NATIONAL TITLE INSURANCE COMPANY
RESIDENTIAL LIMITED COVERAGE MORTGAGE MODIFICATION POLICY Issued By WFG NATIONAL TITLE INSURANCE COMPANY Any notice of claim and any other notice or statement in writing required to be given to the Company More information Securities and Futures and Companies Legislation (Structured Products Amendment) Bill 2010
Securities and Futures and Companies Legislation (Structured Products Amendment) Bill 2010 CB(1)199/10-11(02) Replies to LegCo Secretariat s Questions of 11 August 2010 (Batch 1) Clause 4(5) (new section More information ICE CLEAR EUROPE LIMITED. - and - COMPANY NAME
Dated 20 ICE CLEAR EUROPE LIMITED - and - COMPANY NAME SPONSOR AGREEMENT LNDOCS01/795343.7 TABLE OF CONTENTS Clause Page PURPOSE OF THE AGREEMENT... 3 1. INTERPRETATION... 3 2. OBLIGATIONS OF THE COMPANY... More information Articles of Association
Articles of Association June 2015 Institute of Financial Accountants The Podium, 1 Eversholt Street, Euston, London, NW1 2DN T: +44 (0)207 554 0730 F: +44(0) 207 554 0731 E: mail@ifa.org.uk www.ifa.org.uk More information Supplement No. 3 published with Extraordinary No. 5, dated 22 January, 2009. THE COMPANIES WINDING UP RULES 2008
CAYMAN ISLANDS Supplement No. 3 published with Extraordinary No. 5, dated 22 January, 2009. THE COMPANIES WINDING UP RULES 2008 AJJ/999999/15644034v1 ORDER 1...12 CITATION, APPLICATION AND COMMENCEMENT...12 More information Forms of Corporate Insolvency
Forms of Corporate Insolvency There are five categories of insolvency procedure for companies: Company Voluntary Arrangement; Administration; Administrative Receivership; Creditors Voluntary Liquidation; More information Central Plumbing (Wellington) Limited
TERMS OF TRADE Central Plumbing (Wellington) Limited The terms of trade set out below govern all supplies of goods and services from Central Plumbing (Wellington) Limited ( Central Plumbing (Wellington), More information Caribbean companies holding high value residential property in the UK
December 2012 Caribbean companies holding high value residential property in the UK During the 2012 UK budget, the UK government announced changes to the rate of Stamp Duty Land Tax ( SDLT ) on UK residential More information TERMS OF ENGAGEMENT FOR LIMITED COMPANY CONTRACTOR
TERMS OF ENGAGEMENT FOR LIMITED COMPANY CONTRACTOR Name of Contractor: Limited 1. DEFINITIONS 1.1. In these Terms of Engagement the following definitions apply: Assignment means the period during which More information VERSION: JANUARY 2010 GLOBAL MASTER SECURITIES LENDING AGREEMENT
VERSION: JANUARY 2010 GLOBAL MASTER SECURITIES LENDING AGREEMENT CONTENTS CLAUSE PAGE 1. APPLICABILITY...3 2. INTERPRETATION...3 3. LOANS OF SECURITIES...9 4. DELIVERY...9 5. COLLATERAL...10 6. DISTRIBUTIONS More information 2003 No. 357 INSOLVENCY. The Insolvent Companies (Reports on Conduct of Directors) Rules (Northern Ireland) 2003 STATUTORY RULES OF NORTHERN IRELAND
STATUTORY RULES OF NORTHERN IRELAND 2003 No. 357 INSOLVENCY The Insolvent Companies (Reports on Conduct of Directors) Rules (Northern Ireland) 2003 Made - - - - - 27th July 2003 Coming into operation 5th More information 2017 © DocPlayer.net Privacy Policy | Terms of Service | Feedback