The Government of the Hong Kong Special Administrative Region,commonly known as the Hong Kong Government or HKSAR Government,refers to the executive authorities of Hong Kong SAR. It was formed on 1 July 1997 in accordance with the Sino-British Joint Declaration of 1983,an international treaty lodged at the United Nations. This government replaced the former British Hong Kong Government (1842–1997). The Chief Executive and the principal officials who he or she nominates,are appointed by the State Council of the People's Republic of China. The Government Secretariat is headed by the Chief Secretary of Hong Kong,who is the most senior principal official of the Government. The Chief Secretary and the other secretaries jointly oversee the administration of Hong Kong,give advice to the Chief Executive as members of the Executive Council,and are accountable for their actions and policies to the Chief Executive and the Legislative Council.
OCBC Wing Hang Bank Limited,formerly Wing Hang Bank Limited is a licensed bank with its head office in Hong Kong,where it is the eighth biggest bank by total assets. Since end of July 2014 Wing Hang Bank has been a subsidiary of Oversea-Chinese Banking Corporation (OCBC) of Singapore. The acquisition of Wing Hang has given OCBC a network of about 70 branches spanning Hong Kong,Macau and mainland China to add to OCBC's existing operations in Hong Kong and China.
The Hongkong and Shanghai Banking Corporation Limited,commonly known as HSBC,is the Hong Kong subsidiary of multinational bank HSBC. The largest bank in Hong Kong,HSBC operates branches and offices throughout the Indo-Pacific region and in other countries around the world. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar.
In accounting,insolvency is the state of being unable to pay the debts,by a person or company (debtor),at maturity;those in a state of insolvency are said to be insolvent. There are two forms:cash-flow insolvency and balance-sheet insolvency.
The law of the Hong Kong Special Administrative Region has its foundation in the English common law system,inherited from being a former British colony and dependent territory. There are several sources of law,the primary ones being statutes enacted by the Legislative Council of Hong Kong and case law made by decisions of the courts of Hong Kong.
The Customs and Excise Department (C&ED) is a government agency responsible for the protection of the Hong Kong Special Administrative Region against smuggling;the protection and collection of revenue on dutiable goods on behalf of the Hong Kong Government;the detection and deterrence of drug trafficking and abuse of controlled drugs;the protection of intellectual property rights;the protection of consumer interests;and the protection and facilitation of legitimate trade and upholding Hong Kong's trading integrity.
The Insolvency Service is an executive agency of the Department for Business,Energy and Industrial Strategy with headquarters in London. It has around 1,700 staff,operating from 22 locations across Great Britain.
An officer of the Insolvency Service of the United Kingdom,an official receiver (OR) is an officer of the court to which they are attached. The OR is answerable to the courts for carrying out the courts' orders and for fulfilling their duties under law. They also act on directions,instructions and guidance from the service's Inspector General or,less often,from the Secretary of State for Business,Energy and Industrial Strategy.
The Government Secretariat is collectively formed by the Offices of the Chief Secretary and the Financial Secretary and thirteen policy bureaux.
As a legal concept,administration is a procedure under the insolvency laws of a number of common law jurisdictions,similar to bankruptcy in the United States. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process –in the United Kingdom colloquially called being "under administration" –is an alternative to liquidation or may be a precursor to it. Administration is commenced by an administration order.
A trading fund is an executive agency,government department or often simply a part of a department,that enables the department to handle its own revenues and expenses separately from overall government finances and more like a business,as opposed to having to obtain funding from the government's legislature and feeding income back into its treasury. A Hong Kong governmental study of trading funds in the UK and Hong Kong describes their nature and purpose as follows:
A trading fund is a financial and accounting framework established by law to enable a government department,or part of a department,to adopt certain accounting and management practices common in the private sector. [The fund] operates on a self-financing basis and does not need to regularly seek funding from the legislature to finance its daily operations after its establishment... the intention [is that such] an institutional change would provide the appropriate flexibility in resource management and nurture a new working culture to improve services in terms of both quality and cost-effectiveness.
The Insolvency &Public Trustee's Office (IPTO) in Singapore is a department under the Ministry of Law. IPTO oversees the administration of individual and corporate insolvencies,the administration of small intestate estates and un-nominated Central Provident Fund (CPF) monies,as well as the licensing and regulation of moneylenders and pawnbrokers.
Insolvency law of Russia mainly includes Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" and Federal Law No. 40-FZ "On Insolvency (Bankruptcy) of Credit Institutions". Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" dated 26 October 2002,replacing the previous law in 1998,to better address the above problems and a broader failure of the action. Russian insolvency law is intended for a wide range of borrowers:individuals and companies of all sizes,with the exception of state-owned enterprises,government agencies,political parties and religious organizations. There are also special rules for insurance companies,professional participants of the securities market,agricultural organizations and other special laws for financial institutions and companies in the natural monopolies in the energy industry. Federal Law No. 40-FZ "On Insolvency (Bankruptcy) of Credit Institutions" dated 25 February 1999 contains special provisions in relation to the opening of insolvency proceedings in relation to the credit company. Insolvency Provisions Act,credit organizations used in conjunction with the provisions of the Bankruptcy Act.
Anguillan bankruptcy law regulates the position of individuals and companies who are unable to meet their financial obligations.
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court,but before the court hears and determines the petition,the court may appoint a liquidator on a "provisional" basis. Unlike a conventional liquidator,a provisional liquidator does not assess claims against the company or try to distribute the company's assets to creditors,as the power to realise the assets comes after the court orders a liquidation.
Hong Kong insolvency law regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other obligations,and matters ancillary to and arising from financial distress. The law in this area is now primarily governed by the Companies Ordinance and the Companies Rules. Prior to 2012 Cap 32 was called the Companies Ordinance,but when the Companies Ordinance came into force in 2014,most of the provisions of Cap 32 were repealed except for the provisions relating to insolvency,which were retained and the statute was renamed to reflect its new principal focus.
An open-ended fund company is an open-ended collective investment scheme structured in the form of a company with limited liability and variable share capital. An OFC provides flexibility for investors to trade their interests in the fund through the creation,redemption and cancellation of shares. OFCs could be set up as public or private funds in Hong Kong.
The Companies Registry is a government department under the Financial Services and the Treasury Bureau of the Government of Hong Kong. Its responsibilities include the registration of Hong Kong companies and non-Hong Kong companies under the Companies Ordinance,open-ended fund companies under the Securities and Futures Ordinance and limited partnership funds under the Limited Partnerships Funds Ordinance. It administers the licensing regime for trust and corporate service providers under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance as well as the licensing regime for money lenders under the Money Lenders Ordinance.
Christopher Hui Ching-yu is a Hong Kong politician and government official. Since 2020,he has been Secretary for Financial Services and the Treasury.
Hong Kongportal 