Members of disbanded Hong Kong teachers’ union to each get HK$3,190 over distribution of surplus funds

The disbanded Hong Kong Professional Teachers’ Union announced on Thursday that each qualified member will receive a sum of HK$3,190 following the dissolution of the body - which led to the distribution of surplus funds.

The move came after the body passed special resolutions on the dissolution of HKPTU at the second Extraordinary General Meeting held on September 11, 2021.

The body said in accordance with its Constitution and the resolutions in relation to the dissolution, the body will distribute and pay the surplus funds to all qualified members of HKPTU as of August 10, 2021 - the date of announcement of activation of the dissolution arrangements - in equal share. All qualified members include regular and honorary members, but not including those who terminated their membership on or after August 10, 2021.

It is understood that each qualified member will receive a sum of HK$3,190 from the net proceeds of sale of the properties, after deducting staff dismissal expenses, repayment of outstanding liabilities due from HKPTU, audit fees, outstanding tax liabilities and administrative expenses.

The union explained that owing to the enormous amount of work of the distribution, and having completed all regulatory audit, investigations undertaken by the Inland Revenue Department, settlement of outstanding tax liabilities as well as preparation on the distribution of the surplus fund maintained by HKPTU, they can now commence the distribution.

The union also said they have engaged Acclime Corporate Advisory (Hong Kong) Limited, one of the admitted firms to the Administrative Panel of Insolvency Practitioners for Court Winding-Up by the Official Receiver of the HKSAR, to handle the Distribution.