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Article: Remuneration of Provisional Liquidators & Liquidators under the Offical Receiver’s Contracting-out Schemes

TitleRemuneration of Provisional Liquidators & Liquidators under the Offical Receiver’s Contracting-out Schemes
Authors
Issue Date2009
PublisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/
Citation
Hong Kong Law Journal, 2009, v. 39 n. 1, p. 65-94 How to Cite?
AbstractThe Official Receiver of Hong Kong operates two schemes known commonly as the Panel A and Panel T Schemes for the purposes of contracting-out its workload. There was a Panel B Scheme but it has now ceased to operate. It is expected, as a result of the economic impact of the current global financial crisis, that the number of court winding-up cases will continue to rise, and therefore it is imperative to streamline the practices of private-sector provisional liquidators and liquidators and the payment schemes under which they are paid. This article first identifies the different circumstances that call for the appointment of private insolvency practitioners to act as liquidators under the Panel A Scheme, and as provisional liquidators and / or liquidators under the Panel T Scheme. Then, this article will examine whether the percentage basis or the time-cost basis shall be used as the default to determine their fees and remuneration. Finally, the shortfall met out by the government subsidy is available currently for the Panel T Scheme only, not the Panel A Scheme. Whether such subsidy should be removed by cross-subsidising Panel A and Panel T Scheme cases or whether a “cab rank” system should be introduced will also be examined.
DescriptionEssays in Commercial Law, in Honour of Professor Philip St. John Smart, 1961-2008
Persistent Identifierhttp://hdl.handle.net/10722/58909
ISSN
2015 Impact Factor: 0.215
2015 SCImago Journal Rankings: 0.101

 

DC FieldValueLanguage
dc.contributor.authorLee, Een_HK
dc.date.accessioned2010-05-31T03:39:23Z-
dc.date.available2010-05-31T03:39:23Z-
dc.date.issued2009-
dc.identifier.citationHong Kong Law Journal, 2009, v. 39 n. 1, p. 65-94en_HK
dc.identifier.issn0378-0600en_HK
dc.identifier.urihttp://hdl.handle.net/10722/58909-
dc.descriptionEssays in Commercial Law, in Honour of Professor Philip St. John Smart, 1961-2008-
dc.description.abstractThe Official Receiver of Hong Kong operates two schemes known commonly as the Panel A and Panel T Schemes for the purposes of contracting-out its workload. There was a Panel B Scheme but it has now ceased to operate. It is expected, as a result of the economic impact of the current global financial crisis, that the number of court winding-up cases will continue to rise, and therefore it is imperative to streamline the practices of private-sector provisional liquidators and liquidators and the payment schemes under which they are paid. This article first identifies the different circumstances that call for the appointment of private insolvency practitioners to act as liquidators under the Panel A Scheme, and as provisional liquidators and / or liquidators under the Panel T Scheme. Then, this article will examine whether the percentage basis or the time-cost basis shall be used as the default to determine their fees and remuneration. Finally, the shortfall met out by the government subsidy is available currently for the Panel T Scheme only, not the Panel A Scheme. Whether such subsidy should be removed by cross-subsidising Panel A and Panel T Scheme cases or whether a “cab rank” system should be introduced will also be examined.-
dc.languageengen_HK
dc.publisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/en_HK
dc.relation.ispartofHong Kong Law Journalen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.titleRemuneration of Provisional Liquidators & Liquidators under the Offical Receiver’s Contracting-out Schemesen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0378-0600&volume=39&spage=65&epage=94&date=2009&atitle=Remuneration+of+Provisional+Liquidators+and+Liquidators+under+the+Offical+Receiver’s+Contracting-out+Schemesen_HK
dc.identifier.emailLee, E: eleelaw@hku.hken_HK
dc.identifier.authorityLee, EH=rp01257en_HK
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros160815en_HK
dc.identifier.hkuros242310-
dc.identifier.volume39-
dc.identifier.issue1en_HK
dc.identifier.spage65-
dc.identifier.epage94-

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