126. Section 270 of the Companies Ordinance provides that if where a company is being wound up a liquidator has in his hands or under his control any money representing unclaimed or undistributed assets of the company which have remained unclaimed or undistributed for six months after the date of their receipt, the liquidator shall forthwith pay the money into the Companies Liquidation Account. Sums totalling $7,372 and $520 were received from liquidators in voluntary liquidations in respect of such unclaimed and undistributed assets respectively, and sums totalling $20,533 were paid to creditors and shareholders who established their right thereto. $124,784 representing unclaimed balances held for over five years was transferred to general revenue. At the end of the year unclaimed dividends and returns of capital amounting to $456,749 in respect of voluntary liquidations and $10,579 in respect of compulsory liquidations were still held in the Companies Liquidation Account.
Bona Vacantia
127. The sum of $657 was transferred to general revenue as bona vacantia under Section 277 of the Companies Ordinance upon companies being struck off the register under Section 276.
Fees
128. The Official Receiver's fees and commission charged during the year totalled $76,693.95 as follows:
Bankruptcy
Companies Liquidation...
...
$60,104.92 16,589.03
$76,693.95
The fees collected in a year are not a reliable index to the amount of work during that year, since by the nature of things they include fees in respect of work done in previous years and do not include many fees payable in respect of current cases.
PART VII
OFFICIAL TRUSTEE AND JUDICIAL TRUSTEE
Explanatory
129. The Official Trustee's functions are laid down in Part VII of the Trustee Ordinance (Cap. 29) and the Administration of Trust Fund Rules made under Section 76 of that Ordinance. The Judicial Trustee
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