Hong Kong Ordinances

SECURITIES AND FUTURES ORDINANCE - SECT 48

Net sum payable on completion of default proceedings

(1) This section applies with respect to any net sum referred to in
section 47(1)(a).

(2) Where a bankruptcy or winding-up order has been made, or a resolution for
voluntary winding up has been passed, any net sum shall, notwithstanding any
provision of section 34 or 35 of the Bankruptcy  Ordinance ( Cap 6) or
section 264 of the Companies Ordinance ( Cap 32), be-

   (a)  provable in the bankruptcy or winding up or (as the case may be)
        payable to the relevant office-holder; and

   (b)  taken into account, where appropriate, under section 35 of the
        Bankruptcy Ordinance ( Cap 6) or that section as applied in the case
        of a winding-up order under the Companies Ordinance ( Cap 32).