PART VII
OFFICIAL RECEIVER IN BANKRUPTCY
Explanatory
AND COMPANIES WINDING UP
52. The present Bankruptcy Ordinance (Cap. 6) is the descendant of a long line of Ordinances commencing with No. 3 of 1846, passed "for the relief of Insolvent Debtors within the Colony of Hong Kong". The Ordinance and the Rules made thereunder follow with some variations the English Bankruptcy Legislation. The Rules were considerably amended by the Bankruptcy (Amendment) Rules, 1955, which increased many of the fees payable as from 9th December, 1955. The law relating to the winding up of companies by the Court is con- tained in the Companies Ordinance (Cap. 32) and the Companies (Winding-Up) Rules made thereunder, which are based res- pectively on the corresponding provisions of the U.K. Companies Act, 1929 (now replaced in England by the Companies Act, 1948) and Rules thereunder.
New Cases
53. Seven bankruptcy petitions were presented during the year, but Receiving and Adjudication Orders were made in only five cases, one petition being withdrawn and another being stayed pending the decision of the Court upon the Petitioning Creditors' debt. The Official Receiver was appointed Trustee in all five bankruptcies, one of which was that of the sole pro- prietor of a well-known native bank, the Kar Cheung Chong Bank, whose unsecured liabilities are estimated to exceed $7,000,000. Amongst other assets was the bankrupts interest in a company operating a wolfram mine in the New Territories in which he held over 90% of the share capital, and pending the disposal of the mine (which may prove difficult) the Official Receiver as Trustee, has the unusual and very onerous task of
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