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Audit report | Two hundred cases of the Official Receiver ’s Office have been delayed for at least 18 years and the longest three cases have not been completed for 43 years

2020-04-29T09:26:25.030Z


Audit found that with the general decline in the number of bankruptcy and winding-up cases, the number of outsourced cases of the Official Receiver's Office continued to increase, but the number of establishments increased by more than 20% between 2010 and 2019. Less than half of the bankruptcy cases (without monthly contributions but asset distribution and debt repayments) completed within the specified time between 2016 and 18, and more than 200 bankruptcy and liquidation cases before 2002, which have not been completed for 18 years. The three longest cases, the winding-up order issued as early as 1976, are still pending. The Audit Commission urged the Official Receiver's Office to review the manpower deployment strategy in the future in light of the increased regulatory functions, the progress of clearing backlogs, and the anticipated increase in the number of bankruptcy and liquidation cases in the future. According to the report, the Official Receiver agrees with the audit recommendations that he will expedite the processing of cases.


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Written by Deng Yinglin

2020-04-29 17:15

Last update date: 2020-04-29 17:15

Audit found that with the general decline in the number of bankruptcy and winding-up cases, the number of outsourced cases of the Official Receiver's Office continued to increase, but the number of establishments increased by more than 20% between 2010 and 2019. Less than half of the bankruptcy cases (without monthly contributions but asset distribution and debt repayments) completed within the specified time between 2016 and 18, and more than 200 bankruptcy and liquidation cases before 2002, which have not been completed for 18 years. The three longest cases, the winding-up order issued as early as 1976, are still pending.

The Audit Commission urged the Official Receiver's Office to review the manpower deployment strategy in the future in light of the increased regulatory functions, the progress of clearing backlogs, and the anticipated increase in the number of bankruptcy and liquidation cases in the future. According to the report, the Official Receiver agrees with the audit recommendations that he will expedite the processing of cases.

The audit report pointed out that the Official Receiver's Office failed to deal with the bankruptcy case that did not have monthly contributions but had assets to pay off debts within the target time. (Profile picture)

The latest audit report found that the Official Receiver's Office failed to deal with the bankruptcy case that did not have monthly contributions but had assets to repay debts within a year and a half of the target. Between 2016 and 2018, only 34% to 40% of cases were completed at the designated time.

As for the clean-up of old cases that started as early as March 2008, as of the end of 2019, there were still 200 cases of bankruptcy and liquidation before 2002 that were not completed. Three of the winding-up cases were promulgated as early as 1976. Another seven cases have not been processed for at least 30 years after the order was issued.

Audit also pointed out that the number of bankruptcy and winding-up cases is generally declining. The Official Receiver's Office has not saved manpower. The number of staff has increased from 224 at the end of March 2010 to about 273 at the end of March last year. Audit described that the clean-up work has not been completed for more than 11 years, and the situation is not satisfactory. It is necessary to formulate an effective strategy as soon as possible to promote the Official Receiver's Office in response to the increased regulatory functions, the progress of clearing the backlog of cases, and the expected increase in bankruptcy and liquidation cases in the future. Review the manpower deployment strategy in the future.

The private sector practitioners ’overdue unpaid account records do not have any relevant records for

outsourcing and private sector practitioners. The audit report indicated that from 2015 to 2019, the Official Receiver ’s Office received six complaints involving private sector practitioners that were found to be true or partially investigated. It is a true case, but it has not been recorded in the record of poor conduct; and by the end of 2019, there are many private sector employees who have overdue liquidator accounts and trustee accounts, but there is no relevant record in the record book. The Audit Commission urged the Management Department to improve the performance monitoring mechanism for private sector practitioners, as well as improve account inspection and verification.

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Official Receiver's Office: Overseas property and negative assets are difficult

to handle. It takes time for legal advice to be obtained from the Official Receiver's Office. There are many difficulties encountered in the pending real estate, including the Asian financial turmoil and the global financial tsunami that have caused the property market to fall for many years and the property is difficult The sale of market value is partly a "negative asset" property, or the ownership dispute may hinder the handling. Many real estate properties that are yet to be processed are overseas properties, which makes the disposal of property rights more complicated and difficult. In some cases, it takes time to obtain legal advice. For example, a specific legal matter involving the treatment of the benefits of the bankrupt ’s retirement plan has not been resolved since 2013.

Public consultation on cross-border insolvency

In addition, due to the complexity of cross-border insolvency, the personnel involved in bankruptcy and liquidation and the courts strongly urged the adoption of specific local laws to deal with the issue of cross-border insolvency. The Audit Commission urged the Treasury Bureau and the Official Receiver's Office to continue to study how to implement the relevant laws and conduct public consultations.

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In addition, the audit report found that the Bankruptcy Department's suspense account balance was huge. In 21 liquidation cases and 207 bankruptcy cases, a total of 44.9 million Hong Kong dollars was recovered and deposited in the suspense account. The situation is not satisfactory. Audit said that according to the guidelines of the Bankruptcy Department, if a suspense account is opened, the person in charge of the case must check the account balance and ascertain the nature of the money, and then transfer the balance to the company's liquidation account or the bankrupt's account as soon as possible.

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Audit report

Source: hk1

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