刊物
刊物
注：只提供英文版本
The Official Receiver (“OR”) maintains an Administrative Panel of Insolvency Practitioners for Court Winding-Up (“Panel A”) to put forward insolvency practitioners for appointment as liquidators, provisional liquidators or special managers in -
| (a) | court winding-up cases where the OR is of the opinion that the property of the wound-up company is likely to exceed in value $200,000; |
| (b) | cases where the proposed appointment is made under a regulating order; |
| (c) | cases where the court is minded to invoke Panel A where, for example, there is dispute on the proposed appointment; or |
| (d) | such other cases as the OR considers appropriate, for example, in an application under section 193 of the Companies (Winding-Up and Miscellaneous Provisions) Ordinance (Cap. 32) (“Cap. 32”) where the proposed provisional liquidators may have a conflict of interest. |
(the Scheme is referred to as “the Panel A Scheme”).
These Panel A Rules set out the details of the Panel A Scheme operated by the OR.
In these Panel A Rules, except where the context requires otherwise, -
| (a) | “firm” shall include “sole proprietorship”, “partnership” and “company”; |
| (b) | “partners” shall mean “directors” in the case of a company and “the sole proprietor” in the case of sole proprietorship; |
| (c) | “Panel A firm” shall mean a firm admitted to Panel A; |
| (d) | an “IP” shall mean a person admitted to Panel A as an insolvency practitioner in relation to a Panel A firm; |
| (e) | an “AT” shall mean an IP also admitted to Panel A as an appointment taker in relation to the relevant Panel A firm; |
| (f) | words importing singular shall include the plural and vice versa; |
| (g) | headings to any provisions of these Panel A Rules shall not in any way vary, limit or extend the interpretation of any provisions of these Panel A Rules; |
| (h) | words importing one gender shall include all genders; and |
| (i) | the Annexes attached to these Panel A Rules shall form part of these Panel A Rules. |
I. Admission
Requirements for admission as a Panel A firm
A firm may apply to the OR for admission to as a Panel A firm. The firm making the application must demonstrate to the satisfaction of the Admission Committee (as provided in part IV below) that the firm meets the admission requirements in paragraphs 1 to 3 below.
Experience in liquidation services in Hong Kong
| 1. | (i) | A firm must have provided liquidation services in Hong Kong for at least three years immediately preceding its application. | |
| (ii) | The requirement under paragraph 1(i) above may be regarded as having been met in the following circumstances - | ||
| (a) | in respect of a newly established firm,
For the purpose of this sub-paragraph, a firm is a newly established firm if it has commenced its business not more than twelve months prior to its application for admission under the Panel A Scheme. |
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| (b) | in respect of a merged firm,
For the purpose of this sub-paragraph, a firm is a merged firm if the merger took place not more than twelve months prior to its application for admission under the Panel A Scheme. |
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| (c) | in respect of a firm that has established a new department or division on liquidation (e.g. the firm has taken on the liquidation section/personnel of another firm that has left the market),
For the purpose of this sub-paragraph, a firm does not fall within the description under this sub-paragraph if its new department or division on liquidation has been established for more than twelve months prior to its application for admission under the Panel A Scheme. |
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| (iii) | Apart from the circumstances specified in paragraphs 1(ii)(a), 1(ii)(b) and 1(ii)(c) above, the Admission Committee may at its sole discretion consider and regard other special circumstances with strong justifications in which the requirement under paragraph 1(i) above as having been met. | ||
Resources
| 2. | A firm must have adequate minimum resources as follows - | ||
| (i) | at least four directly employed full-time certified public accountants, each of whom must be a member of the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have at least three years of post-qualification experience after registration as a certified public accountant with the HKICPA, and three of whom must be IPs with the qualifications stated in paragraph 4 below; | ||
| (ii) | professional staff who have a good command of both English and Chinese; and | ||
| (iii) | at least 16 directly employed full-time staff (including the certified public accountants/IPs referred to in paragraph 2(i) above) are designated to perform the service and deal with the winding-up cases to be allocated to the firm under the Panel A Scheme. | ||
| For the purpose of assessing the minimum resources of a firm under this paragraph, a partner of the firm shall be regarded as being under the direct employment of the firm, provided that a director shall not be regarded as being under the direct employment of the firm unless he has entered into a direct employment contract with the firm. | |||
Submission of undertaking
| 3. | On an application for admission as a Panel A firm, AT or IP, the firm, ATs and IPs must submit a duly signed Undertaking Form A (in case of an application for admission as a Panel A firm with ATs and IPs) or Undertaking Form B (in case of an application for admission as an AT and/or an IP only) (a copy of which is attached at Annex A) (“the Undertaking”). |
Requirements for admission as an IP
| 4. | Each IP of the firm must be a member of HKICPA and a partner / full-time employee of the firm with – | ||
| (i) | (a) | minimum chargeable hours of relevant insolvency work (excluding Members’ Voluntary Liquidations (“MVL”) and bankruptcies) of -
600 in the last 3 years with a minimum of 100 chargeable hours in each of the last 3 years or the last 5 years (as the case may be). The minimum chargeable hours of relevant insolvency work need not be those related to the firm. A pass in the HKICPA Professional Diploma in Insolvency Programme is equivalent to 50 chargeable hours of relevant insolvency work; and |
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| (b) | involvement at senior and responsible positions in 10 unconnected non-summary insolvency cases (excluding MVL and bankruptcies) in the last five years; and | ||
| (ii) | experience in managing insolvency cases and either holding the position of partner or director or sole proprietor (as the case may be) of the firm, or occupying a position of manager or above and reporting directly to the partner of the firm. | ||
| For the purpose of this paragraph, paragraph 5 below and Annex B, “relevant insolvency work” means (1) insolvency work relating to Hong Kong insolvency cases (excluding MVL and bankruptcies), or (2) insolvency work relating to non-Hong Kong insolvency cases where the company has sufficient connection to Hong Kong (such as business or assets in Hong Kong).“Hong Kong insolvency cases” means (1) cases where the company, whether incorporated in or outside Hong Kong, is wound up in Hong Kong, and (2) cases where there is an appointment of a special manager, receiver or receiver and manager in Hong Kong in relation to the company, whether incorporated in or outside Hong Kong, and “non-Hong Kong insolvency cases” means any other cases where the company is wound up outside Hong Kong. | |||
| 5. | If the requirements in paragraph 4 above cannot be satisfied, the relevance of other professional qualifications and insolvency work including experience in handling non-Hong Kong insolvency cases may be considered under exceptional circumstances with strong justifications and will be determined by the Admission Committee at its sole discretion on the merit of each case. | ||
| 5A. | For the purpose of paragraph 4 above, no individual may be admitted to Panel A as an IP of more than one firm. | ||
Requirements for admission as an AT
| 6. | Each AT must satisfy the following requirements- | ||
| (i) | he satisfies the requirements for the admission as an IP of the firm as provided in paragraphs 4 or 5 above; and | ||
| (ii) | he is a partner of the firm or he is a principal of the firm or holds a position above that at the firm. | ||
| For the purpose of this paragraph, no individual may be admitted to Panel A as an AT of more than one firm. | |||
| 6A. | Appointments as liquidators, provisional liquidators or special managers should be in the names of at least two ATs of the firm, one of whom must be a partner of the firm. At least one of the ATs appointed must be contactable at any time and the ATs appointed must be available in Hong Kong when required by the Court, the OR or the creditors. | ||
OR’s discretion to reject an application if the firm or individual is not fit and proper
| 7. | Notwithstanding the fact that a firm or an individual applying for admission as a Panel A firm or an AT or an IP may have met the requirements in paragraphs 1 to 6 above, in considering the application for admission, the OR may at her sole discretion reject the application if she considers that the firm or individual is not a fit and proper person to be admitted to Panel A as a Panel A firm or an AT or an IP on the basis of any matters which the OR considers relevant, including (but not limited to) the conduct of the Panel A firm, the AT or the IP, and any of the following matters - | ||
| (i) | whether there are any proceedings against the firm or individual for commission of an offence, or any conviction of the firm or individual of an offence; | ||
| (ii) | whether there are any disqualification proceedings or disqualification order against the firm or individual; | ||
| (iii) | whether there are any disciplinary proceedings or action or investigation against the firm or individual, or any disciplinary ruling, finding, sanction or penalty against the firm or individual; | ||
| (iv) | whether there are any committal proceedings against the firm or individual or any proceedings for removal of the individual from the office of provisional liquidator, liquidator, special manager or trustee in bankruptcy, or any finding of contempt of court against the firm or individual, or any removal order against the individual; | ||
| (v) | whether there is any finding or ruling of the court or result of investigation that the individual is guilty of any misconduct, misfeasance, breach of duty, breach of trust or breach of any code of ethics or that the individual is not a fit and proper person to be appointed or act as a provisional liquidator, liquidator or special manager in a winding-up case or a trustee in bankruptcy in a bankruptcy case; and | ||
| (vi) | whether there is any restructuring, scheme of arrangement or voluntary arrangement in relation to the firm or individual, or any presentation of a winding-up petition or bankruptcy petition against the firm or individual, or any winding up order or bankruptcy order against the firm or individual. | ||
| Without prejudice to the provisions in this paragraph, before rejecting an application, the OR will consult the Admission Committee while the final decision rests with the OR. | |||
| 7A. | Notwithstanding anything to the contrary in these Panel A Rules, the OR may at her sole discretion reject any application on the grounds that the firm (or any partner, AT or IP of the firm) or individual making the application has engaged, is engaging, or is reasonably believed to have engaged or be engaging in acts or activities that are likely to cause or constitute the occurrence of offences endangering national security or otherwise the exclusion is necessary in the interest of national security, or is necessary to protect the public interest of Hong Kong, public morals, public order or public safety. | ||
Continuing compliance of qualifying requirements
| 8. | After the admission to the Panel A, the firm, the ATs and the IPs must continue to provide liquidation services in Hong Kong and meet the requirements set out in paragraphs 2, 4 (other than sub-paragraph (i)), 5A, 6 (other than paragraph 4(i)) and 6A above. If there is any change in the Panel A firm or any of its ATs or IPs which would result in the firm or any of its ATs or IPs no longer providing liquidation services in Hong Kong or meeting the above requirements or becoming unable to provide liquidation services in Hong Kong or meet the above requirements, the firm must inform the OR of such change within 14 days of such change. |
II. Professional indemnity insurance and other security
| 9. | Every Panel A firm must be covered by a professional indemnity insurance or other security to the satisfaction of the OR and the ATs may be required to give separate security on individual cases pursuant to rule 47 of the Companies (Winding-up) Rules (Cap. 32H) (“Cap. 32H”) to the satisfaction of the OR. |
III. Appointment of Liquidators
| 10. | Following the making of a winding-up order, the OR becomes provisional liquidator by virtue of her office [section 194(1)(a) (Cap. 32)]. If the property of the wound-up company is in the opinion of the OR not likely to exceed in value $200,000, the OR may appoint other persons as provisional liquidator in her place in accordance with the provisions of section 194(1A) (Cap. 32). Unless the Court has made an order for the company to be wound up in a summary manner where the assets are not likely to exceed in value $200,000 [section 227F (Cap. 32)], the provisional liquidator must summon separate meetings of creditors and contributories of the company within three months of the date of the winding-up order [section 194(1)(b) (Cap. 32) and rule 106 (Cap. 32H)] to appoint a liquidator. |
First Meeting of Creditors and Contributories
| 11. | (i) | In the first meeting of creditors and contributories in non-summary Court winding-up cases convened by the OR, the OR will explain the purposes of the meetings and first invite the persons attending to nominate and resolve to appoint a liquidator of their choice in place of the OR. The OR will explain in the meetings that an application will then need to be made to the Court for an appointment order. |
| (ii) | In the absence of any nomination by the creditors and contributories or prior appointment of any special manager from the Panel A roster list, the OR will explain the Panel A Scheme and recommend the ATs of the next eligible Panel A firm on the Panel A roster list to the creditors and contributories for appointment as liquidators. | |
| (iii) | If the creditors and contributories resolve to appoint liquidators of their own choice who happen to be ATs (or IPs) of a Panel A firm on the Panel A roster list, then the appointment will not be counted as one appointment under the Panel A roster. | |
| (iv) | The creditors and contributories may in some instances resolve to appoint the OR as the liquidator. The OR will inform them that it is the OR’s policy to have someone else appointed as liquidator in place of the OR. The OR will advise creditors and contributories that if they do resolve to appoint the OR as liquidator, the OR may apply to the Court to appoint liquidators or special managers from the Panel A roster list. | |
| 11A. | If the OR has doubts about the suitability of a liquidator nominated by the creditors and contributories of their own choice, the OR may object to the appointment in the application to the Court for an appointment order and may recommend the ATs of the next eligible Panel A firm on the Panel A roster list to the Court for appointment as liquidators. | |
| 12. | By virtue of section 194(2) (Cap. 32), where the OR is the liquidator of the Company, she may, at any time, apply to the Court for the appointment of a person as a liquidator in place of the OR. Besides, the OR may make an application for a regulating order when she is of the view that the winding-up of the company by the court shall be regulated specially by the court by virtue of section 227A (Cap. 32). The OR may nominate ATs of the next eligible Panel A firm on the Panel A roster list in her application to the Court. | |
| 12A. | Any appointment or nomination for appointment of a liquidator is subject to the disqualification and disclosure provisions under sections 262A to 262F (Cap. 32) and rule 155 (Cap. 32H). | |
Special Managers
| 13. | When the OR is appointed as provisional liquidator, and she is of the opinion that the assets of the wound-up company is likely to exceed in value $200,000, the OR may, if satisfied that the nature of the estate or business of the company, or the interests of the creditors or contributories generally, or there are other grounds therefor, require the appointment of special managers, apply to the Court to appoint ATs of a Panel A firm as special managers under section 216 (Cap. 32). In that case, the appointment as special managers will be counted as one appointment under the Panel A roster list. In the first meeting of creditors and contributories later convened by the OR, the OR will in the absence of any nomination by the creditors and contributories recommend the special managers to the creditors and contributories for appointment as liquidators. In that case, the appointment as liquidator will not be counted as another appointment under the roster. |
| 13A. | Any appointment or nomination for appointment of a special manager as liquidator is subject to the disqualification and disclosure provisions under sections 262A to 262F (Cap. 32) and rule 155 (Cap. 32H). |
Provisional Liquidators
| 14. | (i) | If the appointment of the provisional liquidator under section 193 (Cap. 32) is made from the Panel A roster list, then it will be counted as one appointment under the Panel A roster list. If the provisional liquidator so appointed becomes liquidator under section 194 (Cap. 32), the appointment will not be counted as another appointment under the Panel A roster list. |
| (ii) | Where the petitioner has successfully applied to the Court to appoint a firm which is a Panel A firm to be the provisional liquidator prior to a winding-up order by the Court, and the appointment continues under section 194(1)(aa) (Cap. 32), the appointment will not be counted as one appointment under the Panel A roster list. | |
| 15. | Any appointment or nomination for appointment of a provisional liquidator is subject to the disqualification and disclosure provisions under sections 262A to 262F (Cap. 32) and rule 155 (Cap. 32H). | |
The Roster System
| 16. | Subject to the disqualification and disclosure provisions under sections 262A to 262F (Cap. 32) and rule 155 (Cap. 32H), the appointment will be given to the ATs of the first firm on the Panel A roster list. Newly admitted or re-admitted firms will be placed at the end of the Panel A roster list for allocation of cases. Firms voluntarily withdrawn or previously removed will have to submit a fresh application if they wish to be re-admitted. |
IV. Admission Committee
| 17. | (i) | An Admission Committee, comprising three officers of the Official Receiver’s Office (“ORO officer”) (one of whom shall serve as the Chairperson) and three representatives from HKICPA or other professional bodies as determined by the OR as members, shall meet if required to consider any new application for admission, review admission status of admitted firms, ATs and IPs, review complaints on the performance of any firm, AT or IP or misconduct of any AT or IP in such capacity on the Panel A and take any action including reprimand, suspension or removal of any firm, AT or IP from the Panel A. |
| (ii) | The Chairperson and two other members, one of whom must be a representative from the HKICPA and the other an ORO officer shall be a quorum for the meeting of the Admission Committee. Any meeting at which a quorum is present shall be competent to exercise all the functions and powers conferred upon the Admission Committee. | |
| (iii) | The Chairperson may exercise a casting vote at any meeting at which no majority can be obtained. | |
| (iv) | The Secretary of the Admission Committee shall be provided by the OR. | |
| (v) | Simple and straightforward matters/issues may be dealt with by written circulation instead of a physical meeting, provided that a physical meeting (either face-to-face or virtual meeting) shall be convened if a request for such meeting is made by any member of the Admission Committee and endorsed by the Chairperson. | |
| (vi) | If a member of the Admission Committee or his firm has any interest, whether actual or potential, in any matter under consideration by the Admission Committee, he shall, as soon as practicable after he has become aware of it, disclose it to other members of the Admission Committee and shall not participate in any discussion of the matter, unless otherwise agreed by all the other members of the Admission Committee. | |
| 18. | The Admission Committee shall notify each applicant and any firm or member on the Panel A of its decisions in writing. | |
V. Application Procedures
| 19. | Every firm and/or individual that wish to join the Panel A shall submit a duly signed Application Form A and/or Application Form B (a copy of which is attached at Annex B) to the OR. |
| 20. | The OR will invite the HKICPA or other relevant professional or governing bodies as the case may be to verify the information declared in the application forms with its membership records to the extent of information held in those records and advise the OR of any discrepancy. |
| 21. | The OR may request the applicant to provide any further information that she may reasonably require, and shall place the application before the Admission Committee for its consideration. |
| 22. | If an application is not approved by the Admission Committee or the Appeal Panel or is rejected by the OR, the applicant may submit a fresh application at any time. |
VI. Remuneration of Provisional Liquidators, Liquidators and Special Managers
| 23. | (i) | Where there is a Committee of Inspection, the liquidator appointed according to the Panel A roster list will be remunerated on such basis and at such rates as may be agreed between the liquidator and the Committee of Inspection [section 196(2)(a) (Cap. 32)]. If the agreement is for remuneration on a time-cost basis, (a) for the cases where the appointment of liquidator is made before 1 April 2024, the rates applied shall not be higher than the standard rates as at the date of the appointment as liquidator, and (b) for the cases where the appointment of liquidator is made on or after 1 April 2024, the rates applied shall not be higher than the standard rates prevailing as at the date of the services rendered, unless the Committee of Inspection or the Court agrees to different rates. |
| (ii) | Where there is no Committee of Inspection or the liquidators and the Committee of Inspection fail to agree, the liquidator appointed according to the Panel A roster list will be remunerated on such basis and at such rates as may be directed by the Court [section 196(2)(b) (Cap. 32)]. If the remuneration is on a time-cost basis, (a) for the cases where the appointment of liquidator is made before 1 April 2024, the rates applied shall not be higher than the standard rates as at the date of the appointment as liquidator, and (b) for the cases where the appointment of liquidator is made on or after 1 April 2024, the rates applied shall not be higher than the standard rates prevailing as at the date of the services rendered, unless the Court agrees to different rates. | |
| (iii) | The standard rates are the rates set out at Annex C. The standard rates of fees may be adjusted by the OR where appropriate. Panel A firms will be advised of the adjusted rates of fees as soon as practicable. | |
| [Note: In relation to paragraphs 23(i) and 23(ii) above, for the cases where the appointment of liquidator is made before 1 April 2024 and in so far as the standard rate is concerned, the OR has no objection to the application of the prevailing standard rates as at the date of the services rendered provided that the Committee of Inspection or the Court agrees to it. This is not applicable to those cases where the Committee of Inspection or the Court agrees to different rate(s) or to those remuneration and fees already approved and/or charged.] | ||
VII. Performance and fitness of the Firm, AT or IP
Situations under which the Admission Committee may take actions against a Panel A firm, an AT or an IP
| 24. | (i) | The Admission Committee may reprimand a Panel A firm, an AT or an IP, remove them from Panel A, or suspend them from Panel A for such period as the Admission Committee may at its absolute discretion decide as appropriate in any of the following situations - | |
| (a) | If the Panel A firm, the AT or the IP fails to carry out the work in any case allocated to the Panel A firm under the Panel A Scheme to a standard acceptable to the Admission Committee or to the best of the ability of the Panel A firm, the AT or the IP (as the case may be). | ||
| (b) | If the quality of the work carried out by the Panel A firm, the AT or the IP is considered unsatisfactory. | ||
| (c) | If there is any breach or non-compliance of any provision of these Panel A Rules by the Panel A firm, the AT or the IP, or any breach of the Undertaking by the Panel A firm, the AT or the IP, as determined by the Admission Committee. | ||
| (d) | If any information provided by the Panel A firm, the AT or the IP in their application for admission to the Panel A is found to be false or misleading in any material particular. | ||
| (e) | If there is any change in the Panel A firm, the AT or the IP which would result in the Panel A firm, the AT or the IP not being able to meet any of the requirements set out in 2, 4 (other than sub-paragraph (i)), 5A, 6 (other than paragraph 4(i)) and 6A above. | ||
| Written notice demanding a Panel A firm, an AT or an IP to make good any breach or non-compliance within a requisite period | |||
| (ii) | Without prejudice to the provisions on the rights of the Admission Committee in paragraph 24(i) above, the Admission Committee may by written notice to a Panel A firm, an AT or an IP (as the case may be) require the Panel A firm, the AT or the IP to take such action as may be appropriate to comply with these Panel A Rules or the Undertaking at Annex A, or to make good any breach or non-compliance of these Panel A Rules or the Undertaking or any unsatisfactory performance within a requisite period from the date of the written notice. The failure of the Panel A firm, the AT or the IP (as the case may be) to comply with the requirements in such written notice within the requisite period will constitute a breach of these Panel A Rules or the Undertaking. | ||
| OR’s power to take actions against a Panel A firm, an AT or an IP who is not fit and proper | |||
| 24A. | Notwithstanding any provisions herein contained, the OR may at her sole discretion reprimand a Panel A firm, an AT or an IP, remove them from Panel A, or suspend them from Panel A for such period as the OR may think fit, if the OR is of the view that the Panel A firm, the AT or the IP is not or ceases to be a fit and proper person to be admitted to Panel A as a Panel A firm, an AT or an IP on the basis of any matters which the OR considers relevant, including (but not limited to) the conduct of the Panel A firm, AT or IP and any of the following matters - | ||
| (i) | whether there are any proceedings against the Panel A firm, the AT or the IP for commission of an offence, or any conviction of the Panel A firm, the AT or the IP of an offence; | ||
| (ii) | whether there are any disqualification proceedings or disqualification order against the Panel A firm, the AT or the IP; | ||
| (iii) | whether there are any disciplinary proceedings or action or investigation against the Panel A firm, the AT or the IP, or any disciplinary ruling, finding, sanction or penalty against the Panel A firm, the AT or the IP; | ||
| (iv) | whether there are any committal proceeding against the Panel A firm, the AT or the IP or any proceedings for removal of the AT or the IP from the office of provisional liquidator, liquidator, special manager or trustee in bankruptcy, or any finding of contempt of court against the Panel A firm, the AT or the IP, or any removal order against the AT or the IP; | ||
| (v) | whether there is any finding or ruling of the court or result of investigation that the AT or IP is guilty of any misconduct, misfeasance, breach of duty, breach of trust or breach of any code of ethics or that the AT or IP is not a fit and proper person to be appointed or act as a provisional liquidator, liquidator or special manager in a winding-up case or a trustee in bankruptcy in a bankruptcy case; and | ||
| (vi) | whether there is any restructuring, scheme of arrangement or voluntary arrangement in relation to the Panel A firm, the AT or the IP, or any presentation of a winding-up petition or bankruptcy petition against the Panel A firm, the AT or the IP, or any winding up order or bankruptcy order against the Panel A firm, the AT or the IP. | ||
| 24B. | Without prejudice to the provisions in paragraph 24A above, before exercising the powers under paragraph 24A above, the OR will consult the Admission Committee while the final decision rests with the OR. | ||
| 24C. | The OR may immediately remove a Panel A firm, an AT or an IP from Panel A upon the occurrence of any of the following events: | ||
| (i) | the Panel A firm (or any partner, AT or IP of the firm), the AT or the IP has engaged or is engaging in acts or activities that are likely to constitute or cause the occurrence of offences endangering national security or which would otherwise be contrary to the interest of national security; | ||
| (ii) | the continued admission of the Panel A firm, the AT or the IP to Panel A, or the appointment of any partner, AT or IP of the Panel A firm, the AT or the IP as liquidators, provisional liquidators or special managers (whether under the Panel A Scheme or not), or his or her acting as such is contrary to the interest of national security; or | ||
| (iii) | the OR reasonably believes that any of the events mentioned above is about to occur. | ||
| Status of a Panel A firm, an AT or an IP after suspension and removal from Panel A | |||
| 25. | If a Panel A firm is suspended from Panel A, whether at the decision of the Admission Committee under paragraph 24(i) above or by the OR under paragraph 24A above, all of the ATs and IPs of the Panel A firm will be suspended from Panel A. If a Panel A firm is removed from Panel A, whether at the decision of the Admission Committee under paragraph 24(i) above or by the OR under paragraph 24A or 24C above, all of the ATs and IPs of the Panel A firm will be removed from Panel A. | ||
| Firms and practitioners which have been suspended from or ceased to be on Panel A | |||
| 26. | Firms which have been suspended from Panel A or ceased to be on the Panel A should not hold themselves out as being currently registered Panel A firms, and practitioners who are registered ATs and/or IPs of a firm should not hold themselves out as being currently registered ATs and/or IPs after they have left the firm or after that firm has been suspended from Panel A or ceased to be a Panel A firm or after they have been suspended from Panel A or ceased to be on Panel A. | ||
| General right and duty of the OR as the regulator of the insolvency regime | |||
| 27. | Nothing in these Panel A Rules shall in anyway prejudice or affect the right and duty of the OR, as the regulator of the insolvency regime, to ensure the suitability or fitness of any person appointed or proposed to be appointed as a provisional liquidator, liquidator or special manager in a winding-up case or trustee in bankruptcy in a bankruptcy case, including but not limited to her right not to put forward or recommend any person for such appointment (even if the person is an AT of the next eligible Panel A firm on the Panel A roster list), and her right to object any such appointment, address the court of the OR’s concern about the person’s fitness and to apply to the court for direction or removal of such person from the office of provisional liquidator, liquidator, special manager or trustee in bankruptcy (even if the person is an AT of a Panel A firm). | ||
| 27A. | On making a decision as to whether to accept an application for admission to the Panel A or to reprimand a Panel A firm, an AT or an IP, remove them from Panel A, or suspend them from Panel A for a period of time under the Panel A Rules, the Admission Committee or the OR (as the case may be) may impose such conditions as the Admission Committee or the OR thinks fit, such as requiring a person to give an undertaking on such terms as the Admission Committee or the OR requires. | ||
VIII. Appeal Panel
| 28. | An Appeal Panel, comprising the OR (as the Chairperson), two members to be nominated by HKICPA (at least one of whom shall be a member of the HKICPA Council or permanent staff) and two other members who are independent lay persons to be determined by the OR, will be set up to consider any appeal against the decision of the Admission Committee, including rejection of application for admission, reprimand, suspension or removal of any firm, AT or IP from the Panel A. The Appeal Panel shall be constituted and shall operate in accordance with the Appeal Rules, which is set out in Annex D. |
IX. Effective Date and Transitional Arrangement
| 29. | These Panel A Rules will be effective on 17 June 2024. | ||
| 30. | (i) | All Panel A firms, ATs and IPs which have been admitted to Panel A under the rules of the Panel A that were in force from time to time before 17 June 2024 (“the previous Rules”) and remained on Panel A immediately before 17 June 2024 are required to satisfy or comply with all requirements as stipulated in these Panel A Rules. | |
| (ii) | (a) | For Panel A firms, ATs and IPs that were unable to meet all the requirements under the previous Rules but the Admission Committee (formerly known as Approval Committee) had exercised the discretion to waive the compliance of any such requirements and admitted such Panel A firms, ATs and IPs, to the extent of waived requirements, these Panel A firms, ATs and IPs would be deemed to have satisfied the relevant requirements under these Panel A Rules, but not the other requirements under these Panel A Rules. | |
| (b) | The waiver mentioned in paragraph 30(ii)(a) above does not apply to future applications by such firms and individuals under these Panel A Rules. | ||
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17 June 2024