in the Companies Ordinance (Cap. 32) and the Companies (Winding-Up) Rules made thereunder, which are based respectively on the Companies Act, 1929, formerly in force in.Great Britain, and the Winding-Up Rules thereunder.
113. Ten bankruptcy petitions were presented during the year, four less than in 1962-63, so that with the four petitions pending from 1962-63 there were in all fourteen petitions before the Court. Eight Receiving Orders and two Administration Orders were made, two petitions ad- journed sine die, and one withdrawn, leaving one pending at 31st March 1964. Adjudication Orders were made in nine cases three of which origin- ated in 1962-63. The Official Receiver became Trustee in every case.
114. Eleven petitions for the compulsory winding-up of companies were presented to the Court. One was withdrawn, one dismissed by consent, and two were pending at 31st March 1964. Winding-Up Orders were made in the remaining seven cases. The Official Receiver as usual subsequently became Liquidator in all cases except one in which for the first time for many years an outside liquidator was appointed.
115. Table XXI shows the estimated assets and liabilities in the ten bankruptcies and seven compulsory liquidations in respect of which orders were made during the year, classified according to trades and occupations. The estimated liabilities totalled $10,034,422 and the estimated assets $1,067,551. These estimates are normally based on information given by the debtors and are seldom reliable indications of the true position.
Pre-war Bankruptcy Cases
116. It having been discovered that some properties in the New Territories had been mortgaged to a bankrupt prior to his adjudication in 1926, the Official Receiver realized $1,800 for the mortgage. There were also seven other pre-war cases on hand, in six of which a final dividend had already been paid and only formal closure proceedings were required.
Discharge of Bankrupts
117. Two bankrupts, both adjudged in 1956, applied to the Court for discharge. In one case the Court granted an absolute discharge; in the other the Court granted a discharge subject to suspension for three months.
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