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Provisional supervision in Hong Kong : third time lucky?

Tyler, Edward & Young, Angus (2011) Provisional supervision in Hong Kong : third time lucky? International Corporate Rescue, 8(1), pp. 19-25.

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    Abstract

    Provisional supervision (PS) is Hong Kong’s proposed new corporate rescue procedure. In essence, it is a procedure for the preparation by a professional, usually an accountant or a solicitor, of a proposal for a voluntary arrangement, supported by a moratorium. There should be little court involvement in the process and it is anticipated that the costs and delays of the process would be less than alternate, currently available procedures. This article will retrace some of the key events and issues arising from the numerous policy and legislative debates about PS in Hong Kong. At present the Hong Kong government is in the midst of drafting a new Bill on corporate rescue procedure to be introduced to the HKSAR Legislative Council. This will be the third attempt. Setting aside the controversies and the content of this new effort by the Hong Kong administration, the Global Financial Crisis in 2008 has signalled to the international policy and business community, free markets alone cannot be an effective regulatory mechanism. Having legal safeguards and clear rules to regulate procedures and conduct of market participants are imperative to avoid future financial meltdowns.

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    ID Code: 40451
    Item Type: Journal Article
    Keywords: provisional supervision, corporate rescue
    ISSN: 1572-4638
    Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > OTHER COMMERCE MANAGEMENT TOURISM AND SERVICES (159900) > Commerce Management Tourism and Services not elsewhere classified (159999)
    Divisions: Current > QUT Faculties and Divisions > QUT Business School
    Current > Schools > School of Accountancy
    Copyright Owner: Copyright 2011 Chase Cambria Company (Publishing) Ltd.
    Deposited On: 10 Mar 2011 11:34
    Last Modified: 11 Aug 2011 03:59

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