Thursday, October 29, 2020
Martin Hennecke

Bill seeks process to rescue troubled firms
<p>The Financial Services and the Treasury Bureau has submitted a bill to the Legislative Council to introduce a legal process to rescue enterprises, provide tax relief to develop asset management business, and speed up fintech development.</p><p>Secretary for Financial Services and the Treasury Christopher Hui Ching-yu wrote in a blog post yesterday that the bureau proposed to set up a legal process through which independent professionals could supervise debt-laden companies and make a rescue plan for them.</p><p>Hui also said the bureau is planning to attract more private equity funds by offering tax deductions, allowing them to be registered in the form of limited partnerships in the city.</p><p>The bureau also is planning to implement a paperless securities market in Hong Kong in phases, and establish the eMPF platform.</p>
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