Appendix G. (1).
REPORT OF THE OFFICIAL RECEIVER AND REGISTRAR OF TRADE MARKS AND PATENTS FOR THE YEAR 1939.
BANKRUPTCY AND COMPANIES WINDING-UP, AMOUNT OF INSOLVENCY.
The following comparative table shows the amount of insolvency in the Colony under the Bankruptcy Ordinance, No. 10 of 1931, during the years 1938 and 1939.
Year: 1938 1939 No. of Receiving Orders and Administration Orders. 5 3 Estimated Liabilities. $ 22,686.63 $ 6,106.00 Estimated Assets. 188,930.00 186,500.00The amount of insolvency in 1939 under the Companies Ordinance, No. 39 of 1932, was not available as no Statement of Affairs was filed by the Ching Kee Steam Navigation Co., Ltd., the only company wound-up during the year.
GENERAL.
Eight petitions in bankruptcy were presented during 1939, five by creditors and three by debtors. Of these two were dismissed, one was adjourned, two were withdrawn and in the remaining three cases Receiving Orders were made. In 1938 there were ten petitions.
The failures in 1939 under the Bankruptcy Ordinance, 1931, included one battery manufacturing company, one import and export firm, one toilet shop, one grocery, one junk owner, one tailor shop and an employee of commercial firm. One company wound-up in 1939 under the Companies Ordinance, No. 39 of 1932, was a steam navigation company.
No applications for discharge by bankrupts were presented in 1939.
During the year dividends were declared in respect of one bankrupt estate.
During the year the Court granted the Official Receiver his discharge from trusteeship in respect of six bankrupt estates and outside trustees three estates, all of which were fully administered. One outside liquidator was released.
FEES.
The total amount of the Official Receiver's statutory fees and commission under the Bankruptcy Ordinance, 1931, and the Companies Ordinance, 1932, was $9,596.50 for 1939 as against $6,236.86 for 1938. The increase was due to the fact that the failures were slightly larger in 1939.