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INDUSTRY AND TRADE
agreement for the repayment of any such loan or any security given in respect of such loan shall be enforceable.
Bankruptcies and Liquidations
In Hong Kong, the number of business failures leading to formal insolvency proceedings in court is always comparatively small in relation to the total number of businesses closing down. During the year, there were 104 petitions in bankruptcy and 142 petitions for the compulsory winding-up of companies. The court made 72 receiving orders, and 97 winding- up orders. As in past years, the Official Receiver was appointed trustee or liquidator in almost every case. Assets realised by the Official Receiver during 1981 amounted to $42.6 million. In addition to these compulsory winding-up, 502 companies went into voluntary liquidation 467 by members' voluntary winding-up and 35 by creditors' voluntary winding-up.
The Bankruptcy (Fees and percentages) Scale (Amendment) Notice 1981 and the Companies (Fees and Percentages) (Amendment) Order 1981 increase some of the fees prescribed in the respective principal Scale and Order and at the same time amend the provisions therein so that fees and percentages may be taken in money instead of stamps.
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