others the realization of assets has been completed, and dividends will be declared and distributed as soon as possible. Of the remaining nine old cases outstanding the largest and most troublesome is that of the Kar Cheung Chong Bank. Since July, 1955, the Official Receiver's Office had been continuously occupied with the realization and administration of the Bank's assets. The total amount realized so far is $1,117,713, out of which two dividends of 13% and 5% totalling $1,030,522 have been paid. The Bank's assets include more than 80% of the equity in the Po On Hong Co., Ltd. The latter Company's mine ceased production in September, 1957, and its machinery and equipment have been sold.
55. Eight compulsory liquidations were outstanding from previous years, five of which are merely awaiting formal conclusion.
Failures during 1957/58
56. Table XV shows the estimated assets and liabilities in the four bankruptcies and one compulsory liquidation which commenced during the year, and the business or occupation of the bankrupts and the company. The estimates of assets and liabilities are normally supplied by the Debtors, and are seldom reliable indications of the amount that will ultimately be recovered and the amount that will rank for dividend.
Official Receiver in Bankruptcy Account
57. The receipts and payments for the year, and the assets and liabilities as at 31st March, 1958, are set out in Table XVI. Assets of bankrupt estates produced $364,586 in addition to which a sum of $45,000 was received on account of a composition. Dividends to creditors totalled $518,618.28, and unclaimed dividends amounting to $15,076.51 were transferred to the Bankruptcy Estates Account.
Companies Liquidation Account
58. The receipts and payments for the year and the assets and liabilities as at 31st March, 1958, are set out in Table XVII. Dividends to Creditors in Compulsory Liquidations totalled $258,006.02. Un- claimed moneys amounting to $66,520,31 and interest on investments, etc. amounting to $46,926 were transferred to General Revenue. The assets held at the close of the year (other than unrealized assets of companies in compulsory liquidation) totalled $1,615,798.07.
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