THURSDAY, DECEMBER 27,
ON DECEMBER 21 THE FINANCIAL SECRETARY APPOINTED MR MARVIN CHEUNG, CERTIFIED PUBLIC ACCOUNTANT, OF MESSRS PEAT, MARWICK, MITCHELL AND CO., CERTIFIED PUBLIC ACCOUNTANTS, AS INSPECTOR TO INVESTIGATE THE AFFAIRS OF THE COMPANY AND REPORT THEREON TO HIM. MR CHEUNG'S INTERIM REPORT HAS ALREADY BEEN MADE AND CONCLUDED THAT THE COMPANY IS CURRENTLY UNABLE TO PAY ITS DEBTS WITHIN THE MEANING OF SECTION 178 OF THE COMPANIES ORDINANCE. IN THE LIGHT OF THIS REPORT THE FINANCIAL SECRETARY CONSIDERED THAT IT WAS IN THE PUBLIC INTEREST, AND IN THE INTERESTS OF THE COMPANY'S CREDITORS, THAT THE COMPANY SHOULD BE WOUND UP. THIS WOULD PERMIT AN EQUITABLE AND ORDERLY DISTRIBUTION OF SUCH OF THE COMPANY'S ASSETS AS MAY BE REALISED BY THE OFFICIAL RECEIVER.
MR GLEESON SAID THAT STAFF OF THE OFFICIAL RECEIVER'S OFFICE WERE NOW TAKING ACTION TO SECURE ALL OFFICES AS WELL AS ALL MONIES AT BANKS AND OTHER ASSETS OF THE COMPANY IN HONG KONG. HE WAS NOT IN A POSITION TO SAY AT THIS STAGE WHAT THE ASSETS AND LIABILITIES OF THE COMPANY WERE, BUT EXPECTED TO BE ABLE TO DO SO AT A LATER STAGE. THE CREDITORS WOULD BE KEPT INFORMED AND A FURTHER STATEMENT ISSUED IN DUE COURSE.
GOVERNOR TO START OFF YOUTH YEAR
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THE GOVERNOR, SIR EDWARD YOUDE, WILL OFFICIATE AT THE OPENING OF THE 1985 INTERNATIONAL YOUTH YEAR (YY), AT THE HONG KONG COLISEUM ON TUESDAY (JANUARY 1, 1985).
PROGRAMME HIGHLIGHTS WILL INCLUDE PERFORMANCES BY POPULAR ARTISTES, SCHOOL CHOIRS, THE MUSIC OFFICE COMBINED YOUTH BAND THE HONG KONG SCHOOL DANCE TEAM, A FLIP-TORCH DISPLAY, AEROBICS AND A MASS DANCE.
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