Bankruptcy
(HKLRC Report)
The Commission's 1995 report on bankruptcy was the first part of a comprehensive review of insolvency law, intended to bring the law up to date and reflect changes in the attitude towards bankruptcy, with greater emphasis on rehabilitation rather than punishment.
The report contained 116 recommendations for change, reflecting developments in bankruptcy law elsewhere and submissions from the public in response to a consultation paper issued in 1993. The major recommendations included a proposal to introduce an automatic mechanism to discharge bankrupts automatically from bankruptcy after three years and the replacement of the existing two-stage system of receiving order and adjudication order with a single bankruptcy order to streamline the process and make it more cost and time effective.
The recommendations of the report were implemented by the Bankruptcy (Amendment) Ordinance in 1996.
| Report (PDF) (MS Word) |