Hong Kong Ordinances

OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SECT 53

Effect of winding-up order

(1) Where the court makes an order under section 48(2) as regards an
occupational retirement scheme whose registration was cancelled by the
Registrar, the winding up of the scheme shall be deemed to have commenced on
the date of the notice published under section 43(1)(a) as regards the scheme.

(2) Any benefit which but for this subsection would become payable to a member
of the scheme under the scheme on or after the commencement of the winding up
shall not be payable and any such benefit which has been paid to a member
shall be recoverable by the liquidator as a civil debt due to the
beneficiaries under the scheme. (Enacted 1992)