INDUSTRY AND TRADE
41
exemption by complying with the Insurance Companies Acts 1958-67 in Britain, or—in the case of fire and marine insurance-by main- taining similar deposits elsewhere in the Commonwealth. There are altogether 225 insurance companies, including 63 local companies, transacting such business in Hong Kong. The approval of the Governor in Council must be obtained for transacting motor vehicle third party insurance business.
The Companies Registry also deals with the incorporation of trustees under the Registered Trustees Incorporation Ordinance, and with the registration of limited partnerships, Chinese partner- ships and money-lenders.
BANKRUPTCIES AND LIQUIDATIONS
The number of business failures in which recourse is had to formal insolvency proceedings in court is always comparatively small in relation to the total number of businesses closing down. During the year 18 petitions in bankruptcy and 38 petitions for the winding up of companies were presented to the court, and the court made 15 receiving orders, one order for the administration in bankruptcy of the estate of a deceased debtor and 26 orders for the winding up of companies. For many years the Official Receiver has become trustee or liquidator in almost every case, and this was so again in 1971, during which the assets realised by the Official Receiver amounted to approximately $18.8 million. In addition to com- pulsory windings up, 140 companies went into voluntary liquida- tion during the year, 135 by members' voluntary winding up and five by creditors' voluntary winding up.