3
6.
Thirdly, I propose to amend section 295 to create
a minimum limit of $100,000 to the amount of creditor's
funds which may be invested, at the request of the
committee of inspection, by the Official Receiver for the
benefit of the creditors, and to limit the interest
payable on such funds to a maximum of 3.5 per cent per
annum or such other rate as may be fixed by the Financial
Secretary. The interest in excess of 3.5 per cent on sums.
of over $100,000 and the interest on sums of less than
$100,000 invested by the Official Receiver shall be
transferred to the General Revenue. It is estimated that
the introduction of this measure will go some way towards
meeting the cost of the Official Receiver's Office.
7.
Finally, Sir, I propose to increase some minor
fees which have not been increased since 1977, and to make
consequential amendments to the Companies (Winding-up)
Rules.
8.
If implemented, the amendments I have described
would raise additional revenue of about $7.7 million per
annum. They would also help to reduce the workload of the
Official Receiver's Office and thereby enable the Official
Receiver to concentrate on those cases in which there is
some real possibility of recovering a dividend for the
creditors.
9.
adjourned.
Sir, I move that the debate on this motion be