Official Receiver in Bankruptcy Account
117. The receipts and payments for the year and the assets and liabilities as at 31st March 1965 are set out in Table XXIII. Assets of bankrupt estates produced $852,790 and $67,910 was received in bank interest. Payments to preferential creditors and dividends to unsecured creditors amounted to $55,750 and $268,146 respectively, making a total of $323,896, and unclaimed funds and dividends amounting to $17,880 were transferred to the Bankruptcy Estates Account. Expenses of administration of bankrupt estates absorbed $311,304, $204,610 of which was in respect of the Ming Tak Bank, the interest on whose mortgages had to be paid to preserve its properties. At the end of the year the assets held by the Official Receiver on account of bankruptcies totalled $2,155,188 including $2,111,764 held in respect of undistributed assets of bankrupt estates, and $33,492 in respect of unclaimed dividends.
Companies Liquidation Account
118. The receipts and payments for the year and the assets and liabilities as at 31st March 1965 are set out in Table XXIV. Assets of companies in compulsory liquidation produced $217,330, and payments to preferential creditors and dividends to unsecured creditors amounted to $49,412 and $74,539 respectively. Interest on investments and bank interest totalled $41,872, of which $34,958 was transferred to General Revenue in accordance with Section 279(3) of the Companies Ordinance. The assets held at the end of the year totalled $1,095,712.
119. 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 $46,637 and $60 were received from liquidators in voluntary liquidations in respect of such unclaimed and undistributed assets respectively, and sums totalling $55,526 were paid to creditors and shareholders who established their right thereto. $44,790 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 $402,489 in respect of voluntary liquidations and $40,189 in respect of compulsory liquidations were still held in the Companies Liquidation Account.
35