138. During the year, funds had accumulated to a level sufficient to enable the Trustee to discharge in full all outstanding Government loans and interest therein, and with the surplus to pay a first dividend of 25% to the unsecured creditors. Because of the large number of creditors, payments were made at two payment centres, namely, the office of the Official Receiver at Sutherland House and the 6th floor of the West Wing of Central Government Offices. Payments commenced on 22nd January 1973, and were still being made at 31st March 1973 when $2.2m. had been paid out to the creditors.
139. As in previous years, the Official Receiver records his apprecia- tion of the valuable advice and assistance readily given at all times by the members of the Committee of Inspection.
Official Receiver in Bankruptcy Account
140. The receipts and payments for the year and the assets and liabilities as at 31st March 1973 are set out in Table XXVII. Assets of bankrupt estates produced $12.60m., and $109,800 was received in bank interest. Payments to preferential creditors and dividends to un- secured creditors amounted to $55,700 and $2,457,600 respectively, making a total of $2,513,300. Expenses of administration of bankrupt estates absorbed $502,300. At the end of the year the funds held by the Official Receiver on account of bankruptcies totalled $6.03m., $5.42m. was held in respect of undistributed funds of bankrupt estates, and $597,100 in respect of unclaimed dividends.
Companies Liquidation Account
141. The receipts and payments for the year and the assets and liabilities as at 31st March 1973 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 $3.53m. Payments to preferential creditors and dividends to unsecured creditors amounted to $291,200 and $158,800 respectively. Interest on invest- ments and bank interest received totalled $110,900, of which $37,900 was transferred to General Revenue in accordance with section 294(3) of the Companies Ordinance. Liquidation expenses amounted to $146,400. Accountants' fees of $319,500 and auditors' fees of $15,000 for one year in The Canton Trust and Commercial Bank, Limited case were covered by a transfer from the Companies Liquidation
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