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INDUSTRY AND TRADE
the repayment of any such loan or any security given in respect of such loan shall be unenforceable.
Bankruptcies and Compulsory Winding-up
The Official Receiver's Office of the Registrar General's Department administers estates in bankruptcy and estates of companies in compulsory winding-up.
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 or liquidator.
The Official Receiver realises and distributes the property of a debtor or an insolvent company 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 276 petitions in bankruptcy and 219 petitions for the compulsory winding-up of companies. The court made 215 receiving orders, one admini- stration orders and 163 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 1988 amounted to $342 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 13 trusts amounted to $2.05 million. The Official Solicitor agreed to act in six cases.