January 2014 - New Companies Ordinance in Hong Kong
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New Companies Ordinance in Hong Kong
In January 2006, the Rewrite of the Companies Ordinance was endorsed by Legislative Council (“LegCo”) for the purposes of modernizing the law, ensuring better regulation, enhancing corporate governance and facilitating business.
The New Companies Ordinance (Chapter 622) (hereinafter called the “New CO”) will come into operation together with 12 pieces of subordinate legislation on 3 March 2014. The New CO deals with all provisions in the current Companies Ordinance (Chapter 32) (hereinafter called “the current Chapter 32”) relating to live companies. The winding-up and insolvency related provisions and provisions on prospectuses and disqualification of directors will remain in Chapter 32, which will become the Companies (Winding up and Miscellaneous Provisions) Ordinance and will be amended in due course.
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