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Friday, December 1, 1972
FIRST DIVIDEND TO BE DECLARED FOR MING TAK BANK
The Official Receiver, Mr. W. Hume, who is the Trustee in
Bankruptcy of the Ming Tak Bank, announced today that he proposes to pay
a first dividend of not less than 20 per cent to all unsecured creditors
before the next Chinese New Year provided the necessary arrangements can
be made in time.
Creditors are not required to take any action at the present time
in connection with this proposed payment. Notices will appear in the
newspapers nearer the date informing creditors what they must do in order
to receive their dividend.
In the fifth circular letter issued to creditors of the Ming Tak
Bank since the commencement of the bankruptcy in 1965, Mr. Hume revealed
that all government loans and interest on them had been finally cleared,
and that at October 31, 1972 there was a surplus of about $3 million in
cash available for distribution to creditors.
"This dramatic improvement has been due to further sales, at
favourable prices, of properties forming part of the bankrupt's estate.
Sales from January 1971 to the end of October 1972 realised more than $12
million," Mr. Hume said.
According to the Balance Sheet attached to the circular letter,
the remaining assets of the bankrupt's estate are estimated to be worth
$9 million and the total liabilities have been reduced to a mere $159,000,
bringing out an estimated surplus of over $8.8 million for unsecured
creditors.
This is