only formal closure proceedings are required. There were eight com- pulsory liquidations outstanding from previous years, three of which were merely awaiting formal conclusion.
Failures during 1958/59
56. Table XV shows the estimated assets and liabilities in the thirteen bankruptcies and four compulsory liquidations in the year under review classified according to trade and occupation. These estimates are normally based on information given by the Debtors; such estimates are seldom reliable indications of the true position.
Official Receiver in Bankruptcy Account
57. The receipts and payments for the year, and the assets and liabilities as at 31st March, 1959, are set out in Table XVI. Assets of bankrupt estates produced $541,400.10 compared with $364,586 in the previous year. Dividends paid to creditors totalled $178,858.97, and unclaimed dividends amounting to $15,670.34 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, 1959, are set out in Table XVII. $7,819.21 was realized from assets of companies in compulsory liquidation, and dividends to creditors in such liquidations totalled $21,475.91. In the case of one compulsory liquidation, namely that of Maryland Textiles Ltd., a substantial sum is in hand for distribution amongst the creditors. This has been placed on fixed deposit pending detailed examination of claims lodged by certain creditors. Unclaimed moneys amounting to $44,585.66, and interest on investments, etc., amounting to $43,741 were transferred to general revenue as was $5,911.56 which fell to the Crown as bona vacantia under Section 277 of the Companies Ordinance upon certain companies being struck off the register under Section 276. The assets held at the close of the year (excluding the unrealized assets of companies in compulsory liquidation) totalled $1,504,483.05.
Fees
59. The official Receiver's fees and commission charged during the year totalled $27,529.27 as shown in Table XXII. This was some $3,500 less than the amount charged during the previous year.
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