Hong Kong Regulations

COMPANIES (WINDING-UP) RULES - RULE 47

Security to satisfaction of Official Receiver

SECURITY BY LIQUIDATOR OR SPECIAL MANAGER IN A WINDING UP BY THE COURT

In the case of a special manager or a liquidator other than the Official 
Receiver, the following provisions as to security shall have effect, namely-
(See Form 26)

   (a)  the security shall be given to such officers or persons, and in such
        manner as the Official Receiver may from time to time direct;

   (b)  it shall not be necessary that security shall be given in each
        separate winding up; but security may be given either specially in a
        particular winding up, or generally, to be available for any winding
        up in which the person giving security may be appointed, either as
        liquidator or special manager;

   (c)  the Official Receiver shall fix the amount and nature of such
        security, and may from time to time, as he thinks fit, either increase
        or diminish the amount of special or general security which any person
        has given;

   (d)  the certificate of the Official Receiver that a liquidator or special
        manager has given security to his satisfaction shall be filed with the
        Registrar; (See Form 26)

   (e)  the cost of furnishing the required security by a liquidator or
        special manager, including any premiums which he may pay to a
        guarantee society, shall be borne by him personally, and shall not be
        charged against the assets of the company as an expense incurred in
        the winding up. [cf. R. 57]