company running a hotel in the New Territories. Under the supervision of the Trustee, this hotel made a net profit in 1969 of about $67,000 before payment of interest to Government on a mortgage loan. During the year $500,000 was repaid to Government in reduction of its loans to the Trustee, and a further $500,000 was paid to Government by way of interest on the loans.
130. As in previous years, the Official Receiver is greatly 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
131. The receipts and payments for the year and the assets and liabilities as at 31st March 1970 are set out in Table XXVII. Assets of bankrupt estates produced $3,574,530, and $97,106 was received in bank interest. Payments to preferential creditors and dividends to unsecured creditors amounted to $37,127 and $123,354 respectively, making a total of $160,481. Expenses of administration of bankrupt estates absorbed $302,778. At the end of the year the assets held by the Official Receiver on account of bankruptcies totalled $13,980,039, including $8,938,000 borrowed for the Ming Tak Bank from the Government, $3,931,594 held in respect of undistributed assets of bankrupt estates, and $337,478 in respect of unclaimed dividends.
Companies Liquidation Account
132. The receipts and payments for the year and the assets and liabilities as at 31st March 1970 are set out in Table XXVIII. This Table does not include 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 $832,205, and payments to preferential creditors, dividends to unsecured creditors and returns of capital to contributories amounted to $112,833, $329,704 and $915,567 respectively. Interest on investments and bank interest totalled $145,894, of which $81,598 was transferred to General Revenue in accordance with Section 294(3) of the Companies Ordinance. Expenses of administration amounted to $92,968, excluding $349,557 attributable to The Canton Trust and Commercial Bank, Limited, a substantial proportion of which was incurred in connection with the payment of the second dividend. Accountants' fees of $458,600 and auditors' fees of $35,000 for one year in the same case were covered by a transfer
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