INDUSTRY AND TRADE
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were received and 493 licences were granted. At the end of 1991, there were 491 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
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The Official Receiver's Office of the Registrar General's Department administers estates of personal bankrupts and companies ordered to be compulsorily wound up by the court.
Once a Receiving Order is made against the property of a personal bankrupt, or a Winding-up Order by the court is made against a company, then the Registrar General, who is also the Official Receiver, becomes the interim receiver or provisional liquidator respectively. In estates where the assets realised are less then $200,000, the Official Receiver applies to the court for a summary procedure order and is appointed as trustee or liquidator. In other cases a meeting of creditors in bankruptcy, or of creditors and con- tributories in compulsory liquidations, is held to decide whether the Official Receiver or another person from the private sector be appointed as trustee or liquidator. If a debtor makes a proposal for a composition in satisfaction of his debts or a proposal for a scheme of arrangement of his affairs, he will not be adjudged bankrupt if the proposal is accepted by his creditors and the court. As in past years, the Official Receiver was appointed trustee or liquidator in most cases.
During the year the court made 283 Receiving Orders and 346 Winding-up Orders, which is an increase of 27 per cent over the previous year. The assets realised by the Official Receiver during 1991 amounted to $237 million and $91.7 million in dividends were paid to creditors in 242 insolvency cases.
Official Trustee, Judicial Trustee and Official Solicitor
The Registrar General also exercised the powers and performed the duties conferred or imposed upon the Official Trustee, the Judicial Trustee and the Official Solicitor up to July 31, 1991. These functions were transferred to the Legal Aid Department with effect from August 1, 1991. The Registrar General as the outgoing Official Trustee and Official Solicitor transferred $1.1 million and $0.38 million respectively to the Director of Legal Aid.
Consumer Council
The Consumer Council is a statutory body responsible for protecting and promoting the interests of consumers of goods and services.. Its chairman, vice-chairman and 20 other members are all appointed by the Governor from various walks of life, representing a considerable diversity of consumer interests.
Established in 1974, the council provides a comprehensive consumer protection service including consumer representation and legislation, advice and complaints, research and