124. There were 45 petitions for the compulsory winding-up of companies, 30 more than in 1970-71. To these 45 there fell to be added nine pending from 1970-71, making in all 54 petitions before the Court. Six were withdrawn, five were dismissed, one was adjourned sine die and 13 cases were pending at 31st March 1972. Winding-up Orders were made in 28 cases (the highest number since 1951-52), and in one case a Winding-up Order subject to the supervision of the Court was made. The Official Receiver was appointed Liquidator in 24 cases, and in four others was appointed Provisional Liquidator pending the first meetings of creditors and contributories.
125. Table XXIV shows the estimated assets and liabilities in the 15 bankruptcies and 28 compulsory liquidations in respect of which orders were made during the year, classified according to trades and occupations. The estimated liabilities totalled $33.56m. and the estimated assets $6,09m. These estimates, however, are based on information given by the debtors and are seldom reliable indications of the true position.
Comparison with Previous Years
126. Table XXV sets out for the purpose of comparison the numbers of bankruptcies and compulsory liquidations in the years from 1962-63 to 1971-72 together with the aggregate amounts of the estimated liabilities and assets. This shows that 1971-72 had the second highest number of cases since 1962-63. The number of cases was in fact the second highest since the war.
Pre-war Bankruptcy Cases
127. Completion of the single pre-war case outstanding at the end of the previous year had been held up for many years because of inability to trace a mortgagor of certain land in the New Territories. As a result of further efforts by the staff of the Official Receiver's Office the missing mortgagor was traced during the year and the bankruptcy was consequently brought to a conclusion.
Dividends Paid
128. Payments to preferential creditors and dividends to unsecured creditors were paid in 12 bankruptcies and five windings-up.
Public Examinations and Court Work
129. Eight Public Examinations and one Private Examination were held. Altogether, Legal Officers of the Department appeared in Court
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