HONG KONG ANNUAL REPORT, 1953
to 53 in 1953, and the number struck off the register as defunct, decreased from 95 in 1952, to 53 in 1953. A total of 35 com- panies completed winding-up and were dissolved, leaving 2,605 companies on the register, a net increase of 116 over the figure for 1952.
Registration in Hong Kong is a relatively inexpensive process, the maximum fee payable in respect of a company being $500. The local Companies Ordinance is based on the repealed United Kingdom Companies Act, 1929, and the question of the revision of Company Law in Hong Kong, to incorporate the extensive amendments effected in the United Kingdom by the Companies Act, 1948, is under consideration.
Fifteen foreign corporations, companies incorporated outside the Colony but which filed the prescribed documents here in order to carry on business in the Colony, were registered in 1953. The total number of foreign companies registered (439) showed a slight increase over the total for the previous year, nine foreign companies having ceased to carry on business in the Colony during the year.
Official Receiver in Bankruptcy and Companies Winding-Up. There were altogether six bankruptcy petitions during the year under review but one of these was withdrawn, a com- position having been agreed upon before the receiving order was made. These, added to the fifteen outstanding bank- ruptcies of previous years made a total of twenty cases, with the Official Receiver acting as trustee in fourteen cases and supervising the administration of the other six. Two prosecu- tions were brought against bankrupt debtors who were found by the Official Receiver to have committed offences under the Bankruptcy Ordinance. During the year three bankruptcies were completed, one by the Official Receiver and two by outside trustees.
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