Cases Concluded
117. Four cases were concluded, all bankruptcies, and the Official Receiver was duly released from his trusteeship.
Previous Cases still Outstanding
118. Eighty-six bankruptcies, including the eight pre-war cases already mentioned, were carried over from previous years, but in 35 of these either a final dividend had already been paid or there were no assets available for distribution and only formal closure proceedings were required. There were 59 compulsory liquidations outstanding from previous years, 18 of which were merely awaiting formal closure. Because of the pressure of work in the Official Receiver's Office and the necessity to concentrate on current cases, it has been found neces- sary to put aside all cases which require only formal closure.
The Canton Trust and Commercial Bank, Ltd.
119. Although the Official Receiver as Liquidator has appointed a leading firm of chartered accountants to assist him in the conduct of this important Liquidation, which commenced on 12th May 1965, the case continued to occupy a very substantial proportion of the time and energies of the senior officers of the Commercial and Personal Division and of legal and other officers in the Official Receiver's Office. Table XXIII gives (a) the receipts and payments for the year with in addition the total receipts and payments since the liquidation began, and (b) a limited statement of the assets and liabilities as at 31st March 1967. As will be seen from the statement of receipts and payments, assets realized during the year totalled $8,522,000 including $505,000 in respect of land and buildings and $7,929,000 in respect of book debts, and interest received totalled $496,000. Out of the amount realized a further $6,500,000 was repaid to the Government on the loan of $22,500,000 made by it in 1965-66 to enable a first dividend of 25% to be paid to the unsecured creditors, reducing the amount due to $9,500,000, and $922,000 was paid in interest on the sums advanced.
120. Much difficulty was encountered in obtaining repayment of the book debts of which no less than 1,952 totalling $126,974,000 (excluding interest) were still outstanding at the end of the year. The following is a breakdown of the debts due at the commencement of the Liquidation and still outstanding:
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