Public Examinations and Court Work
130. Ten Public Examinations were held including an examination of a bankrupt who had absconded in 1965 and been arrested in October 1972. There were also seven Private Examinations. Altogether, Legal Officers of the Department appeared in Court and in Chambers on 239 occasions in connection with bankruptcies and liquidations. This is the highest number of such appearances in any post-war year, exceeding by 47 the previous high of 192 in 1971-72.
Cases Concluded
131. 26 cases were concluded, eight bankruptcies and 18 com- pulsory liquidations, and the Official Receiver was duly released from trusteeship and from the office of liquidator.
Cases carried over from previous years
132. 101 bankruptcies and 127 compulsory liquidations, including the cases mentioned in the preceding paragraph, were carried over from previous years, but in 25 bankruptcies and 22 compulsory liquidations either a final dividend had already been paid or there were no assets available for distribution and only formal closure proceedings were required.
The Canton Trust and Commercial Bank, Limited
133. Table XXVI shows the receipts and payments for the year (as well as receipts and payments since the beginning of the liquidation on 12th May 1965), and also contains a limited statement of assets and liabilities as at 31st March 1973. It will be seen that assets realized during the year totalled $3.66m., a decrease of $4.26m. as compared with the previous year's figure. Once again the major portion of the realizations represented book debts collected, the figure being $3.36m. This is $4.37m. down on the corresponding figure of $7.73m. for the previous year. Realization of land and buildings in completed sales rose from $190,000 in 1971-72 to $322,000. No other premises belonging to the Bank remain to be sold.
134. From the following breakdown of debts due at the commence- ment of the liquidation, it will be seen that of the original 2,347 debts 793 are still outstanding. In many of these cases, however, partial recovery has been effected or payments are being made on account.
41