INDUSTRY AND TRADE
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The Registrar General, who is, among his other duties, also the Official Receiver, becomes the receiver of the property of the debtor against whom a receiving order is made, or the provisional liquidator of the company against which a winding order is made. He continues to act as such until he or another person is appointed as trustee in bankruptcy or liquidator.
The Official Receiver realises and distributes the property of the debtor or insolvent companies as trustee or liquidator, under the Bankruptcy Ordinance and the Companies Ordinance. He also carries out his statutory functions of supervising and assisting other trustees and liquidators appointed by creditors.
During the year, there were 370 petitions in bankruptcy and 252 petitions for the compulsory winding-up of companies. The court made 293 receiving orders, five admin- istration orders and 222 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 1987 amounted to $242 million.
Official Trustee, Official Solicitor and Judicial Trustee
The Registrar General also exercises the powers and performs the duties conferred or imposed upon the Official Trustee, the Official Solicitor and the Judicial Trustee. At the end of the year the total funds administered by the Official Trustee under 12 trusts amounted to $1.4 million. The Official Solicitor agreed to act in six cases.
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