INDUSTRY AND TRADE
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, but nevertheless it has increased considerably since 1980.
During the year, there were 436 petitions in bankruptcy and 368 petitions for the com- pulsory winding-up of companies. The court made 371 receiving orders, three adminis- tration orders and 325 winding-up orders. As in past years, the Official Receiver was appointed trustee or liquidator in most cases. Assets realised by the Official Receiver during 1985 amounted to $262 million. In addition to these compulsory liquidations, 957 companies went into voluntary liquidation - 900 by members' voluntary winding-up and 57 by creditors' voluntary winding-up.
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