PART VI
OFFICIAL RECEIVER IN BANKRUPTCY AND COMPANIES WINDING UP
New Cases.
43. Seven bankruptcy petitions were presented during the year, but Receiving and Adjudication Orders were made in only five cases, two petitions being withdrawn without Receiving Orders being made. The Official Receiver was appointed Trustee in all five bankruptcies, one of which was a dyeing and weaving business with four factories employing altogether more than 800 workers.
44. Orders were made for the winding up of five companies by the Court, and a sixth case was pending in which the Official Receiver was acting as Provisional Liquidator. Of the five companies ordered to be wound up, the Official Receiver became Liquidator of three, the other two liquidations being conducted by outside Liquidators under the supervision of the Official Receiver. In the case of one company, namely Golden City Theatre Ltd., the Official Receiver, as liquidator, took over the management, and has operated the business as a going concern for the benefit of its creditors since 1st September, 1953.
Dividends.
45. During the year dividends were declared and dis- tributed by the Official Receiver in three bankruptcies, and by outside Trustees in two bankruptcies. No dividend has been declared in Company Liquidations in the year under review due in some cases to lack of realizable assets, and in others to the complicated state of the companies' affairs and the difficulty of realizing available assets.
Cases concluded.
46. Three bankruptcies were concluded during the year, and one bankruptcy and four compulsory liquidations were on the point of conclusion.
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