On 25 October 2013, the Secretary for Financial Services and the Treasury gazetted The Company Ordinance (Commencement) Notice 2013 which stipulates 3 March 2014 as the commencement date of the New Companies Ordinance (NCO).
The NCO provides the legal framework which enables the business community to form and operate companies in Hong Kong.
This is a significant milestone for the development of company law in Hong Kong as the last major overhaul was almost 20 years ago. The changes are extensive and many of them will affect the interests of those parties who have dealings with companies such as members and creditors.
This Alert summarises some of the changes brought on by the NCO.