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Companies Liquidation Account
128. The receipts and payments for the year and the assets and liabilities as at 31st March 1968 are set out in Table XXVIII. This Table does not include, except for certain administrative expenses, the details of The Canton Trust and Commercial Bank, Limited, for which a separate account is kept (Table XXVI). Assets of companies in compulsory liquidation produced $1,072,326, and payments to pref- erential creditors and dividends to unsecured creditors amounted to $79,814 and $62,157 respectively. Interest on investments and bank interest totalled $81,764 of which $9,050 was transferred to General Revenue in accordance with Section 294(3) of the Companies Ordin- ance. Expenses of administration amounted to $77,392, of which $1,670 was attributable to The Canton Trust and Commercial Bank, Limited. Accountants' fees of $255,900 in the same case were covered by a transfer from the Companies Liquidation (C.T.) Account. The assets held at the end of the year totalled $2,600,691.
129. Section 285 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 $2,898 were received from liquidators in voluntary liquidations in respect of undistributed or unclaimed assets, and sums totalling $9,756 were returned to liquidators or paid to creditors and shareholders who established their right thereto. At the end of the year unclaimed dividends and returns of capital amounting to $310,635 in respect of voluntary liquidations and $21,475 in respect of compulsory liquidations were still held in the Companies Liquidation Account.
Fees
130. The Official Receiver's fees and commission charged during the year totalled $152,527 as follows:
Bankruptcy
Companies Liquidation
$ 88,441
64,086
$152,527
:
40
: