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INDUSTRY AND TRADE
A registration fee of $500 and some incidental filing fees are payable in such cases. During the year, 266 of these companies were registered and 150 ceased to operate. At the end of the year, 2 464 companies were registered from 65 countries, including 605 from the United States, 350 from the United Kingdom and 286 from Japan.
The registry also deals with the incorporation of trustees under the Registered Trustees Incorporation Ordinance, and with the registration of limited partnerships.
Money Lenders
I
Under the Money Lenders Ordinance, which came into force in December 1980, and was amended in July 1988, anyone wishing to carry on business as a money lender must apply to a Licensing Court for a licence.
Any application for a licence is in the first instance submitted to the Registrar General as Registrar of Money Lenders and a copy is sent to the Commissioner of Police, who may object to the application. The application is advertised, and any member of the public who has an interest in the matter also has the right to object. During the year, 496 applications were received and 473 licences were granted. At the end of 1989, there were 468 licensed money lenders.
The ordinance provides severe penalties for a number of statutory offences, such as carrying on an unlicensed money-lending business. It also provides that any loan made by an unlicensed money lender shall not be recoverable by court action. With certain = exceptions (primarily authorised institutions under the Banking Ordinance), any person, whether a licensed money lender or not, who lends or offers to lend money at an interest rate exceeding 60 per cent per annum commits an offence. Agreement for 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 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.
During the year, there were 224 petitions in bankruptcy and 224 petitions for the compulsory winding-up of companies. The court made 177 receiving orders and 158 winding-up orders. As in past years, the Official Receiver was appointed trustee or liqui- dator in most cases. The assets realised by the Official Receiver during 1989 amounted to $351 million.
Official Trustee, Official Solicitor and Judicial Trustee
The Registrar General also exercises the powers and performs the duties conferred or im- posed 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 14 trusts amounted to $2.13 million. The Official Solicitor agreed to act in four cases.