Postgraduate Thesis: Provisional supervision : an analysis of the proposed corporate rescue procedure of Hong Kong

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Title	Provisional supervision : an analysis of the proposed corporate rescue procedure of Hong Kong
Authors	Wu, Ka-chee, Davy 胡家慈
Issue Date	2003
Publisher	The University of Hong Kong (Pokfulam, Hong Kong)
Abstract	(Uncorrected OCR) Abstract of thesis entitled Provisional Supervision: An Analysis of the Proposed Corporate Rescue Procedure of Hong Kong submitted by Davy Ka Chee Wu for the degree of Doctor of Philosophy at the University of Hong Kong in April 2002 In Hong Kong, winding up is conventionally seen as the almost inevitable outcome for insolvent companies that are unable to meet their debts. One reason is because Hong Kong has not had a statutory regime which is taiior~ made to facilitate corporate rescue. In the early 1990s the Law Reform Commission of Hong Kong ("LRC") was charged with the responsibility of considering the question of a corporate rescue law. Following the publication of the LRC's report (The Law Reform Commission of Hong Kong: Report on Corporate Rescue and Insolvent Trading (October 1996� the long~awaited legislative proposal on corporate rescue at merged as part of the Companies (Amendment) Bill 2000 - provisional supervision is the name given to the proposed procedure. For the reasons will be explained in this study, the provisions on provisional supervision, together with those on insolvent trading, failed to be enacted. The attempt to continued with the Companies (Corporate Rescue) Bill 2001 which, at the time completion of this study, is still under the scrutiny of the Legislative Council. This study consists of two parts. The first part is about the concept, and structure of corporate rescue. It will be argued in Chapter 2 that most current corporate insolvency procedures, such as receivership and the scheme of arrangement, have been evolving in the direction of improving their capabilities of rescuing insolvent companies and/or their underlying businesses. There be an in-depth discussion on the development of receivership in Chapter which can be treated as an extension of Chapter 2. Chapter 4 seeks to refine bargaining theory of corporate rescue which has been developed in the law and economics literature, and further elaborate it in several aspects, particularly in making of rescue plans and the protection of dissenting creditors. In Chapters 5 and 6 there will be an analysis of the legal structure of a corporate rescue procedure which is designed in accordance with a refined bargaining theory .. The second part of this study will begin with a critical analysis provisional supervision, as laid down by the Companies (Corporate Rescue) 2001. The major features of provisional supervision will be explained in Chapters 7 and 8. Based on the materials developed in the first part, it will also be argued that certain parts of the provisional supervision regime are controversial and may even seriously hamper the effectiveness of the proposed law. The provisions on insolvent trading will be closely examined in Chapter 9. Lastly, this study will rounded up with a concluding chapter.
Degree	Doctor of Philosophy
Subject	Bankruptcy - China - Hong Kong. Corporate reorganizations - China - Hong Kong. Corporate turnarounds - China - Hong Kong.
Dept/Program	Law

DC Field	Value
dc.contributor.author	Wu, Ka-chee, Davy
dc.contributor.author	胡家慈
dc.date.issued	2003
dc.description.abstract	(Uncorrected OCR) Abstract of thesis entitled Provisional Supervision: An Analysis of the Proposed Corporate Rescue Procedure of Hong Kong submitted by Davy Ka Chee Wu for the degree of Doctor of Philosophy at the University of Hong Kong in April 2002 In Hong Kong, winding up is conventionally seen as the almost inevitable outcome for insolvent companies that are unable to meet their debts. One reason is because Hong Kong has not had a statutory regime which is taiior~ made to facilitate corporate rescue. In the early 1990s the Law Reform Commission of Hong Kong ("LRC") was charged with the responsibility of considering the question of a corporate rescue law. Following the publication of the LRC's report (The Law Reform Commission of Hong Kong: Report on Corporate Rescue and Insolvent Trading (October 1996� the long~awaited legislative proposal on corporate rescue at merged as part of the Companies (Amendment) Bill 2000 - provisional supervision is the name given to the proposed procedure. For the reasons will be explained in this study, the provisions on provisional supervision, together with those on insolvent trading, failed to be enacted. The attempt to continued with the Companies (Corporate Rescue) Bill 2001 which, at the time completion of this study, is still under the scrutiny of the Legislative Council. This study consists of two parts. The first part is about the concept, and structure of corporate rescue. It will be argued in Chapter 2 that most current corporate insolvency procedures, such as receivership and the scheme of arrangement, have been evolving in the direction of improving their capabilities of rescuing insolvent companies and/or their underlying businesses. There be an in-depth discussion on the development of receivership in Chapter which can be treated as an extension of Chapter 2. Chapter 4 seeks to refine bargaining theory of corporate rescue which has been developed in the law and economics literature, and further elaborate it in several aspects, particularly in making of rescue plans and the protection of dissenting creditors. In Chapters 5 and 6 there will be an analysis of the legal structure of a corporate rescue procedure which is designed in accordance with a refined bargaining theory .. The second part of this study will begin with a critical analysis provisional supervision, as laid down by the Companies (Corporate Rescue) 2001. The major features of provisional supervision will be explained in Chapters 7 and 8. Based on the materials developed in the first part, it will also be argued that certain parts of the provisional supervision regime are controversial and may even seriously hamper the effectiveness of the proposed law. The provisions on insolvent trading will be closely examined in Chapter 9. Lastly, this study will rounded up with a concluding chapter.
dc.description.nature	abstract
dc.description.nature	toc
dc.description.thesisdiscipline	Law
dc.description.thesislevel	doctoral
dc.description.thesisname	Doctor of Philosophy
dc.identifier.hkul	b2690495
dc.language	eng
dc.publisher	The University of Hong Kong (Pokfulam, Hong Kong)
dc.relation.ispartof	HKU Theses Online (HKUTO)
dc.rights	The author retains all proprietary rights, (such as patent rights) and the right to use in future works.
dc.source.uri	http://hub.hku.hk/bib/B26904950
dc.subject.lcsh	Bankruptcy - China - Hong Kong.
dc.subject.lcsh	Corporate reorganizations - China - Hong Kong.
dc.subject.lcsh	Corporate turnarounds - China - Hong Kong.
dc.title	Provisional supervision : an analysis of the proposed corporate rescue procedure of Hong Kong
dc.type	PG_Thesis

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Abstract of thesis entitled 

Provisional Supervision: An Analysis of the Proposed Corporate Rescue Procedure of Hong Kong 

submitted by 

Davy Ka Chee Wu 

for the degree of Doctor of Philosophy at the University of Hong Kong 

in April 2002 

In Hong Kong, winding up is conventionally seen as the almost inevitable outcome for insolvent companies that are unable to meet their debts. One reason is because Hong Kong has not had a statutory regime which is taiior~ made to facilitate corporate rescue. 

In the early 1990s the Law Reform Commission of Hong Kong (&quot;LRC&quot;) was charged with the responsibility of considering the question of a corporate rescue law. Following the publication of the LRC&apos;s report (The Law Reform Commission of Hong Kong: Report on Corporate Rescue and Insolvent Trading (October 1996&#65533; the long~awaited legislative proposal on corporate rescue at merged as part of the Companies (Amendment) Bill 2000 - provisional supervision is the name given to the proposed procedure. For the reasons 

will be explained in this study, the provisions on provisional supervision, together with those on insolvent trading, failed to be enacted. The attempt to continued with the Companies (Corporate Rescue) Bill 2001 which, at the time completion of this study, is still under the scrutiny of the Legislative Council. 

This study consists of two parts. The first part is about the concept, and structure of corporate rescue. It will be argued in Chapter 2 that most 

current corporate insolvency procedures, such as receivership and the scheme of arrangement, have been evolving in the direction of improving their capabilities of rescuing insolvent companies and/or their underlying businesses. There 

be an in-depth discussion on the development of receivership in Chapter which can be treated as an extension of Chapter 2. Chapter 4 seeks to refine bargaining theory of corporate rescue which has been developed in the law and economics literature, and further elaborate it in several aspects, particularly in making of rescue plans and the protection of dissenting creditors. In Chapters 5 and 6 there will be an analysis of the legal structure of a corporate rescue procedure which is designed in accordance with a refined bargaining theory .. 

The second part of this study will begin with a critical analysis provisional supervision, as laid down by the Companies (Corporate Rescue) 2001. The major features of provisional supervision will be explained in Chapters 7 and 8. Based on the materials developed in the first part, it will also be argued that certain parts of the provisional supervision regime are controversial and may even seriously hamper the effectiveness of the proposed law. The provisions on insolvent trading will be closely examined in Chapter 9. Lastly, this study will rounded up with a concluding chapter.</description.abstract><language>eng</language><publisher>The University of Hong Kong (Pokfulam, Hong Kong)</publisher><relation.ispartof>HKU Theses Online (HKUTO)</relation.ispartof><rights>The author retains all proprietary rights, (such as patent rights) and the right to use in future works.</rights><source.uri>http://hub.hku.hk/bib/B26904950</source.uri><subject.lcsh>Bankruptcy - China - Hong Kong.</subject.lcsh><subject.lcsh>Corporate reorganizations - China - Hong Kong.</subject.lcsh><subject.lcsh>Corporate turnarounds - China - Hong Kong.</subject.lcsh><title>Provisional supervision : an analysis of the proposed corporate rescue procedure of Hong Kong</title><type>PG_Thesis</type><identifier.hkul>b2690495</identifier.hkul><description.thesisname>Doctor of Philosophy</description.thesisname><description.thesislevel>doctoral</description.thesislevel><description.thesisdiscipline>Law</description.thesisdiscipline><description.nature>abstract</description.nature><description.nature>toc</description.nature><bitstream.url>http://hub.hku.hk/bitstream/10722/31126/5/Abstract.pdf</bitstream.url><bitstream.url>http://hub.hku.hk/bitstream/10722/31126/6/Table%20of%20Contents.pdf</bitstream.url></item>