Seminar on the new Companies Ordinance (Cap.622)

The new Companies Ordinance (Cap.622) came into force on 3 March 2014. In view of the substantial rewrite, the government and the legal community had released massive information to prepare the public for the change.  However, there are insufficient materials that systematically analyse the practical impact of the new Companies Ordinance on banking practice.

Mr. Philip Wong led his banking team to study the new Companies Ordinance from the perspective of banking operation and consolidate ten major issues of the new Companies Ordinance the banking industry should be aware of. The issues range from basic day-to-day banking operation to more complex concepts such as limitation of powers of the directors, protection of third parties' rights, due execution of legal documents, prohibition of loans to directors and financial assistance.

An outline incorporating the ten issues were shared with the banks and the banks' response was highly encouraging. Various local, Chinese-funded and international banks including BOCHK, ICBC (Asia), East West Bank, Nanyang Commercial Bank, Dah Sing Bank and Shanghai Commercial Bank invited Mr. Philip Wong and his team to deliver seminars to hundreds of staff members of each bank.  The seminars successfully raised the banks' further awareness on the need to make changes to standard banking documentation and internal administration to accommodate the practical impact of the new Companies Ordinance. The banks were grateful to our Firm's input and considered the contents of the seminar "very informative" and "very useful".

Mr. Philip Wong, Partner of our Firm, delivering his speech at the seminar with his banking team

Mr. Philip Wong, Partner of our Firm, delivering his speech at the seminar with his banking team