PART VII
OFFICIAL RECEIVER IN BANKRUPTCY AND COMPANIES WINDING-UP
New Cases,
40. Eleven bankruptcy petitions were presented during the year, but Receiving and Adjudication Orders were made by the Court in only nine cases, one petition being withdrawn by leave of the Court before a Receiving Order was made and another being stayed pending a Court decision in an O. J. Action. One of the nine Receiving and Adjudication Orders was rescind- ed. The Official Receiver was appointed Trustee in all eight bankruptcies where Adjudication Orders were made during the year and remained on the file.
41. An Order for the winding-up of the Maryland Textile Co. (Hong Kong) Ltd. was the only Compulsory Winding-Up Order made by the Court during the year. The Official Receiver was appointed Liquidator of the Company, which had practically no free assets at the time of the Winding-Up Order as the machinery and other assets of the Company had been entirely charged under debentures. Many complications arose in con- nexion with the disposal of the mortgaged machinery and assets to the best advantage, but eventually a sale was effected at a price which, after fully discharging all sums due under the debentures, yielded a surplus of some $200,000.00 for the benefit of the unsecured creditors.
Dividends.
42. Dividends were declared and distributed by the Official Receiver in three bankruptcies and one compulsory liquidation, and by an outside Trustee in one bankruptcy. In a number of other cases all the available assets have been realized, but the declaration and distribution of a dividend are delayed on account of the very heavy pressure of work in the Official Receiver's office.
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