125. There is obviously a great deal of work still to be done in this liquidation, but it is hoped that it will be possible to declare a second dividend during the course of the next financial year.
126. The Liquidator again records his appreciation of the valuable advice and assistance received from the four members of the Com- mittee of Inspection, who have given unstintingly of their time and services, and also from the firm of chartered accountants appointed to assist in this liquidation.
The Ming Tak Bank
127. As stated in previous Reports this Bank, which collapsed in January 1965, had assets consisting mainly of land and multi-storey buildings. Due to adverse factors in the property market in the earlier part of the year, the Official Receiver and his staff have been faced during the year with problems of management and control of these buildings and difficulties in the disposal of units therein. So far, 43 out of an original total of 199 units in the buildings have been sold at prices totalling $1,837,533, but not all of this has yet been received, since some purchasers are paying by instalments. Certain leases have been effected, with rents as at end-March 1969 running at the rate of approximately $60,000 a month as compared with $25,000 a month at end-March 1968. The Official Receiver, as Trustee in this case, also has a major interest in a limited company running a hotel in the New Territories. Under the supervision of the Trustee, this hotel made a net profit in 1968 of about $58,000 before payment of interest to Government on a mortgage loan. During the year $600,000 was repaid to Government in reduction of its loans to the Trustee, and a further $531,359 was paid to Government by way of interest on the loans.
128. As in previous years, the Official Receiver is much indebted to the members of the Committee of Inspection for the valuable advice and assistance given by them in the administration of this estate during the year.
Official Receiver in Bankruptcy Account
129. The receipts and payments for the year and the assets and liabilities as at 31st March 1969 are set out in Table XXVII. Assets of bankrupt estates produced $1,161,329, and $106,915 was received in bank interest. Payments to preferential creditors and dividends to
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