17 September 2020
Mr Billy Au
Principal Assistant Secretary (Financial Services)
Financial Services Branch
Financial Services and the Treasury Bureau
15/F, Queensway Government Offices
Hong Kong (By Email and Post)
Dear Mr Au
HKGCC Response to Companies (Corporate Rescue) Bill Proposals
Thank you for your e-mail of 21 August, attaching a copy of the draft Bill as it currently stands.
We note that the points which we made in our submission to you of 7 August 2020 are not fully reflected in the draft Bill. These include, for example, the following recommendations:
During the course of comparing the points made in our submission of 7 August 2020 to the text of the draft Bill that you sent to us, we noticed a number of drafting points that you may wish to consider, regarding the appointment of a PS:
We have not conducted a comprehensive clause-by-clause review of the Bill, and may have further comments as the legislative drafting process proceeds. The points above are therefore by no means exhaustive. It will no doubt be important to obtain detailed input on the draft from those will be more closely involved in provisional supervision proceedings, in particular banks, and the accountancy and legal professions.
We note from your e-mail that the draft Bill may be subject to further amendment before it is presented to LegCo, and that you will carefully consider all views received from stakeholders, including HKGCC. Accordingly, we trust that you will take into account the points we have made, including those listed above and in our submission of 7 August 2020, in finalising the draft Bill before it is presented to LegCo.
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