the Court. One was dismissed, in one case action was stayed and nine cases were pending at 31st March 1971. Winding-up Orders were made in eight cases (the lowest number since 1963-64, when there were seven such Orders), and in one case a Winding-up Order subject to the super- vision of the Court was made. The Official Receiver was appointed Liquidator in seven cases and in the remaining case he was appointed Provisional Liquidator pending the first meetings of creditors and contributories.
121. Table XXIV shows the estimated assets and liabilities in the six bankruptcies and eight compulsory liquidations in respect of which orders were made during the year, classified according to trades and occupations. The estimated liabilities totalled $6,405,701 and the estimated assets $401,144. These estimates are based on information given by the debtors and are seldom reliable indications of the true position.
Comparison with Previous Years
122. Table XXV sets out for the purpose of comparison the numbers of bankruptcies and compulsory liquidations in the years from 1961-62 to 1970-71 together with the aggregate amounts of the estimated liabilities and assets. This shows that 1970-71 had the lowest number of cases and the lowest estimated assets and liabilities since 1962–63.
Pre-war Bankruptcy Cases
123. There was only one pre-war case left on hand at the end of the year. Completion of this case was still being held up by inability to trace a mortgagor of certain land in the New Territories.
Dividends Paid
124. Payments to preferential creditors and dividends to unsecured creditors were paid in ten bankruptcies and nine windings-up; in one winding-up a return of capital to contributories was effected; while in another a refund was made of excess money contributed for the purpose of completing units in a building which was the subject of a scheme of arrangement.
Prosecution
125. The Managing Director of a limited company in compulsory liquidation was prosecuted for failing to deliver the company's books of account to the Liquidator. He was found guilty and fined $500.
38