Winding Up HK Companies

[1] Modes In Which a Company Is Wound Up In Hong Kong [read] 

[2] Circumstances Under Which a Company Is Wound Up Voluntarily [read] 

 

 

 

Modes of Winding Up

 

Section 169 of the Companies (Winding Up & Miscellaneous Provisions) Ordinance provides for two modes of winding up a company: winding-up by the court (compulsory) and non-court winding-up (voluntary).

For the latter, if the winding up is initiated by the members of the Company, it is a members' voluntary winding-up. If the winding up is initiated by the creditors of the Company, it is a creditors' voluntary winding up. In a proposed winding up, where both the creditors and the members nominate different individuals to act as the liquidators for an insolvent company, the nomination by the creditors shall take precedence.

169.     Modes of winding up

(1)     The winding up of a company may be either—

(a)      by the court; or

(b)      voluntary.

(2)     The provisions of this Ordinance with respect to winding up apply, unless the contrary appears, to the winding up of a company in any of those modes.

 

清盤方式

 

根據公司（清盤及雜項條文）條例第169條規定，清盤方式劃分為法庭頒令作出，也可以不經過法庭啓動自動清盤。

視乎啓動人身份，後者可以細分為成員自動清盤及債權人自動清盤。在債權人自動清盤中，在提名清盤人時候債權人有優先話語權。如果債權人不提名的，由股東提名之清盤人補上。

169.     清盤方式

(1)       公司清盤可 ——

(a)     由法院作出；或

(b)     屬於自動清盤。 

(2)       除非有相反規定，否則本條例有關清盤的條文適用於以任何該等方式作出的公司清盤。

 

 

---

 

Circumstances in which company may be wound up voluntarily

 

Section 228 of the C.O. provides for the circumstances in which a company may be wound up voluntarily: 1) the circumstances that the company's article of association previously provided for have occurred, 2) the shareholders/members pass a special resolution to wind up the company, 3) where the shareholders/members are in disagreement on the matters of the company or some of them don't attend shareholders/members meetings, and that has put the company in financial difficulty, the majority of the directors pass a resolution to wind up the company in accordance with section 228A.

The special procedures under section 228A do not require the company to pass a special resolution. The winding-up under 228A can proceed in lieu of a special resolution passed by the shareholders or members.

 

Section 228 provides that  

(1) A company may be wound up voluntarily —

(a) when the period, if any, fixed for the duration of the company by the articles expires, or the event, if any, occurs on the occurrence of which the articles provide that the company is to be dissolved, and the company in general meeting has passed a resolution requiring the company to be wound up voluntarily; 

(b) if the company resolves by special resolution that the company be wound up voluntarily;

(c) (Repealed 14 of 2016 s. 58 )

(d) if the directors of the company or, in the case of a company having more than 2 directors, the majority of the directors, deliver to the Registrar a winding-up statement under section 228A . 

(2) In this Ordinance, the expression a resolution for voluntary winding up ( 自動清盤決議 ) means a resolution passed under subsection (1)(a) or (b). 

 

公司條例第228條指明公司可以自動清盤的情況

 

公司可自動清盤的三種情況：一、公司章程訂定清盤的情景出現；二、公司股東/成員通過特別決議，啓動自動清盤；三、在公司股東或成員對公司事務不能達成共識或不出席股東會，而令公司財政不能持續營運的情況下，過半數董事根據第228A條規定通過決議啓動清盤程序。

采用228A發起自動清盤無須公司成員通過特別決議啓動清盤程序。

 

第228條條文如下：

(1) 公司在以下情況下可自動清盤 ——

(a) 章程細則所定的公司存在期限(如有的話)屆滿，或章程細則訂定一旦發生則公司須予解散的事件(如有的話)發生，而公司在大會上已通過決議，規定公司須自動清盤； 

(b) 如公司藉特別決議，議決公司須自動清盤；

(c) (廢除)

(d) 如公司的董事或(如公司有多於2名董事)過半數的董事根據 第228A條 向處長交付一份清盤陳述書。 

(2) 在本條例中， 自動清盤決議 ( a resolution for voluntary winding up )一詞指根據第 (1)(a) 或(b)款通過的決議。