INDUSTRY AND TRADE
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or-in the case of fire and marine insurance-by maintaining similar deposits elsewhere in the Commonwealth. There are altogether 225 insurance companies, including 60 local companies, transacting such business in Hong Kong. The approval of the Governor in Council must be obtained for transacting motor vehicle third party in- surance business.
The Companies Registry also deals with the incorporation of trustees under the Registered Trustees Incorporation Ordinance, and with the registration of limited partnerships and money-lenders.
Bankruptcies and Liquidations
In Hong Kong 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, 27 petitions in bankruptcy and 62 petitions for the winding-up of companies were presented to the court, and the court made 18 receiving orders, one order for the administration in bankruptcy of the estate of a deceased debtor and 44 orders for the winding-up of companies. For many years past, the Official Receiver has become trustee or liquidator in almost every case, and this was so again in 1972, during which the assets realised by the Official Receiver amounted to approximately $20,000,000. In addition to the foregoing com- pulsory windings up, 170 companies went into voluntary liquidation during the year, 159 by members' voluntary winding-up and 10 by creditors' voluntary winding-up. There was one order made for a company to be wound up subject to the supervision of the court.
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