124. Fourteen bankruptcy petitions were presented during the year as against twelve in 1961-62. Three were withdrawn, including one presented in 1961-62, one was dismissed by the Court, and four were pending at 31st March 1963. Receiving Orders were made for the re- maining seven cases, one of which was, however, later rescinded upon payment in full by the debtor's former partners of all the liabilities of the debtor and the Official Receiver's fees. Adjudication Orders were made in four cases, in all of which the Official Receiver became Trustee.
125. Six petitions for the compulsory winding up of companies were presented to the Court and winding-up orders were made in all cases. The Official Receiver as usual subsequently became Liquidator.
126. Table XXXI shows the estimated assets and liabilities in the six bankruptcies and six compulsory liquidations in the year classified according to trades and occupations. The estimated liabilities totalled $3,085,340 as against estimated assets of only $383,848. These estimates are normally based on information given by the debtors and are seldom reliable indications of the true position.
Pre-war Bankruptcy Cases
127. There was a positive windfall for the creditors of a firm which went bankrupt in 1932. Quite by chance it was discovered that one of the two partners who had recently died without ever having been dis- charged was the sole proprietor of a hotel business. The business was claimed and sold by the Official Receiver, realizing a sum of $250,000. A supplemental dividend of 92.6% (making with the 7.4% declared pre-war a total of 100%) was then declared. Fortunately the pre-war files of this bankruptcy case had survived the war and the Official Receiver was consequently, notwithstanding the lapse of 30 years, able to trace eleven creditors of the value of $124,372 out of a total of twenty creditors of a total value of $169,658. There were also six other pre-war cases on hand, in four of which a final dividend had already been paid and only formal closure proceedings were required.
Arrests of Absconding Debtors
128. Through the efforts of the Commercial Crime Office of the Police Department, three long-absconding debtors were arrested during
the year.
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