the unit was not in operation for the full year, it is felt that the improved results of the year reflect to some extent the benefits that were hoped for when the unit was formed.
122. Table XXVI shows the receipts and payments for the year (as well as receipts and payments since the beginning of the liquidation on the 12th May 1965), and also contains a limited statement of assets and liabilities as at the 31st March 1969. It will be seen that assets realized during the year totalled $11,688,015, a figure $5,379,534 higher than the corresponding figure of $6,308,481 for the previous year. As before, the major portion of assets realized represented book debts collected, the figure being $9,860,977; but realizations of land and buildings were also substantially up, from $102,026 last year to $1,742,333, a reflection of the re-awakening interest in industrial land.
123. The Liquidator was able during the year to repay $4,000,000, the balance of the loan of $22,500,000 made in 1965-66 by Govern- ment, which, with moneys the Liquidator had in hand, enabled the first dividend of 25% to be paid to unsecured creditors. Interest paid to Government in respect of the loan during the year amounted to $246,333.
124. As in previous years, many matters had to be placed in the hands of Solicitors, and recourse to litigation for recovery of debts was inevitable in many cases, involving a very considerable amount of time. From the following breakdown of debts due at the commence- ment of the liquidation, it will be seen that, although 663 debts have been repaid, 1,684 still remain to be dealt with:
Classification by Amount or Nature of the Debt
Less than $2 ...
$2 to $999 $1,000 to $4,999 $5,000 to $9,999 $10,000 to $19,999 $20,000 to $49,999
Exceeding $50,000
Staff Housing Loans
A
A
-
Number and Total
Number and Total Outstanding at
31st March 1969
Amount of Debts as
at 12th May 1965
No.
$
No.
$
123
119
518
175,000
368
113,000
687
1,787,000
442
865,000
272
1,904,000
211
1,145,000
181
144
2,584,000
127
1,333,000
206
6,461,000
152
3,753,000
274
131,908,000
212
99,260,000
49
2,281,000
46
2,011,000
37
+
1,153,000
7
657,000
3,000
2,347
$148,253,000
1,684
$109,140,000
39
Special Accounts not necessarily
representing recoverable debts
Insurance Accounts omitted from
Statement of Affairs