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Legislative proposals to codify directors' liability for insolvent trading in Hong Kong : a 10-year journey

Chu, Tina & Young, Angus (2010) Legislative proposals to codify directors' liability for insolvent trading in Hong Kong : a 10-year journey. Insolvency Law Journal, 18(3), pp. 158-168.

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Abstract

Hong Kong is a modern global city with a reputation for well-regulated financial markets, but for years, the government had been trying to enact laws on corporate rescue procedures with relatively little success. It is under the pretext of the Global Financial Crisis, the threat of a future economic meltdown gave the Hong Kong government the impetus to revisit this issue. This third attempt to codify statutory obligations on directors’ liability for insolvent trading has been criticised for either setting the standards too high or low for directors trading whilst insolvent. There is also some reservation given the beliefs and values of directors in Chinese family-owned and controlled companies. These companies would most likely trade out the difficult times. Nevertheless, this does not negate from the fact that the enactment of corporate rescue procedures in Hong Kong in 2010 is a momentous achievement for the Hong Kong government.

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ID Code: 39165
Item Type: Journal Article
Keywords: Insolvent trading, Directors' duties, Law reforms, Hong Kong
ISSN: 1039-3293
Subjects: Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Commercial and Contract Law (180105)
Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Corporations and Associations Law (180109)
Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Law not elsewhere classified (180199)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: Copyright 2010 Thomson Reuters (Professional) Australia Limited
Deposited On: 13 Dec 2010 12:11
Last Modified: 01 Mar 2012 00:29

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