Classification by Amount or Nature of the Debt
Number and Total Amount of Debts as at 12th May 1965
Number and Total outstanding at 31st March 1973
No.
$
No.
$
Less than $2
123
$2 to $999...
518
175,000
258
100,000
$1,000 to $4,999
687
1,787,000
153
241,000
$5,000 to $9,999
272
1,904,000
80
350,000
$10,000 to $19,999
181
2,584,000
60
695,000
$20,000 to $49,999
206
6,461,000
81
1,715,000
$50,000 and over ...
274
131,908,000
149
46,954,000
Staff Housing Loans
49
2,281,000
9
254,000
Special Accounts not
necessarily representing
recoverable debts
37
1,153,000
3
257,000
Insurance Accounts
omitted from Statement of Affairs
...
3,000
2,347 $148,253,000
793 $50,569,000
135. From the foregoing it will be seen that this liquidation still remains very active after almost eight years, with much yet to be done.
136. The Liquidator again records his appreciation of the valuable advice and assistance freely given by the four members of the Com- mittee of Inspection, and of the considerable help received from the firm of Chartered Accountants appointed to assist in this liquidation.
The Ming Tak Bank
137. As stated in previous Reports, this Bank, which collapsed in January 1965, had assets consisting mainly of land and multi-storey buildings. During the year, 16 commercial units were sold by public auction or tender realizing $7,717,000, and 17 residential flats were sold at revised prices agreed by the Committee of Inspection for a total of $1,496,620. All the unsold flats and commercial units have been leased with rents at 31st March 1973, totalling approximately $22,700 per month, a decrease of about 71% as compared with last year's figure due to the sale of the properties. 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, the hotel made a net profit in 1972 of about $50,000 before payment of interest on its mortgage loan.
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