Transfer of Businesses (Protection of Creditors) Ordinance

(1)
Except in the case of a transfer by way of sale under or pursuant to a charge, a notice of transfer shall contain the following
particulars—
(a)
the full name and address of the transferor;
(b)
the nature of the business and the name or style under which, and the full address at which, it has been carried on during the period of 6 months immediately preceding the date of transfer;
(c)
the date of transfer;
(d)
the full name and the residential and business addresses of the transferee;
(e)
if the
transferee—
(i)
intends to carry on or is carrying on the business, the full address where, and the name and style under which, he is carrying it on or intends to carry it on; or
(ii)
is not carrying on the business and does not intend to carry it on, a statement to that effect; and
(f)
a statement that at the expiration of 1 month after the date of the last publication of the notice pursuant to subsection (3), the liability of the transferee for all the debts and obligations arising out of the carrying on of the business by the transferor shall cease by virtue of this Ordinance unless proceedings are instituted prior to such expiration.
(2)
In the case of a transfer by way of sale under or pursuant to a charge, a notice of transfer shall contain the following
particulars—
(a)
the nature of the business, and the name or style under which, and the full address at which, it has been carried on during the period of 3 months immediately preceding the date of transfer;
(b)
the full name and address of the person whose business has been, or is intended to be, transferred by way of sale under or pursuant to the charge;
(c)
details of the charge under or pursuant to which the transfer by way of sale has been or is to be made, sufficient to enable any document creating or evidencing the charge to be readily identified and, without limiting the generality of the foregoing, such details shall
include—
(i)
the date when the charge was made, given, executed or came into existence;
(ii)
the consideration for which the charge was executed, made or given or, if there was no such consideration, the circumstances in which it came into existence;
(iii)
in the case of a registered charge, the date of the registration of the charge, the title of any enactment under which it was registered and any number or other means of identifying the charge assigned to it upon registration;
(d)
the date of transfer; and
(e)
the amount of money, payment of which has been secured by the charge and which was
owing—
(i)
at the date of the publication of the notice of transfer; or
(ii)
if the transfer has already taken effect, at the date of the transfer so taking effect.
(3)
Every notice of transfer shall be
signed—
(a)
by both the transferor and the transferee, in the case of a transfer to which subsection (1) applies; or
(b)
by the charge-holder and the transferee, in the case of a transfer to which subsection (2) applies,
and shall be given by publication
in—
(i)
the Gazette;
(ii)
any 2 of such Chinese language newspapers circulating in Hong Kong as may be approved for the purpose by the Chief Secretary for Administration; and
(Amended
L.N. 67 of 1985
;
L.N. 242 of 1989
;
L.N. 362 of 1997
)
(iii)
1 English language newspaper circulating in Hong Kong which has been so approved.