TUESDAY, JANUARY 7, 1986
BIG INCREASE IN INSOLVENCIES BEING HANDLED
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A TOTAL OF 2 343 INSOLVENCIES WAS BEING HANDLED BY THE OFFICIAL RECEIVER'S OFFICE AT THE END OF THE YEAR, ACCORDING TO STATISTICS RELEASED TODAY (TUESDAY) BY THE REGISTRAR GENERAL'S DEPARTMENT.
THESE INVOLVED 1 403 COMPANY LIQUIDATIONS AND 940 PERSONAL BANKRUPTCIES, SHOWING AN INCREASE OF 34 PER CENT OVER FIGURES AT THE END OF 1984, WHEN THERE WERE 1 746 INSOLVENCIES - 1 128 COMPANY LIQUIDATIONS AND 618 PERSONAL BANKRUPTCIES.
DURING 1985 THE OFFICIAL RECEIVER WAS APPOINTED LIQUIDATOR IN 325 NEW COMPANY LIQUIDATIONS AND TRUSTEE IN 374 NEW PERSONAL BANKRUPTCIES.
THIS REPRESENTED A COMBINED INCREASE OF 39.2 PER CENT
IN THE NUMBER OF NEW INSOLVENCIES OVER 1984, WHICH SAW 315 NEW COMPANY LIQUIDATIONS AND 187 NEW PERSONAL BANKRUPTCIES.
BY COMPARISON THERE WAS A 20.4 PER CENT INCREASE IN THE NUMBER OF NEW INSOLVENCIES IN 1984 OVER 1983.
IT COULD BE SEEN, THEREFORE, THAT THE RATE OF NEW INSOLVENCIES WAS STILL INCREASING, THE REGISTRAR GENERAL, MR NOEL GLEESON, SAID.
EVENTS OF A FEW YEARS AGO WERE STILL WORKING THEIR WAY THROUGH THE ECONOMY AND THE LEGAL AND JUDICIAL SYSTEM, HE ADDED.
MR GLEESON NOTED, HOWEVER, THAT THE RATE OF INCREASE WAS FALLING NOTICEABLY TOWARDS THE END OF THE YEAR AND SAID HE WAS HOPEFUL THAT THIS TREND WOULD CONTINUE INTO 1986.
FUNDS HELD BY THE OFFICIAL RECEIVER AT THE END OF THE YEAR TOTALLED $1 256 MILLION, AN INCREASE OF OVER 27 PER CENT AS AGAINST $990 MILLION AT THE END OF 1984.
TOTAL DIVIDENDS PAID BY THE OFFICIAL RECEIVER DURING 1985 AMOUNTED TO $41.8 MILLION IN 190 INSOLVENCIES, AS AGAINST $15.7 MILLION IN 144 INSOLVENCIES IN 1984.
NOTABLE COMPANY LIQUIDATIONS DURING 1985 INCLUDED THE TIME PROCESSOR HOLDING LIMITED, THE CMF GROUP OF COMPANIES PIONEER INTERNATIONAL BUYING AGENCIES (HK) LIMITED, DOMINICAN FINANCE LIMITED, THE H.K. CITY PARK RESTAURANT LIMITED, COB FINANCE LIMITED, GOLD MINE FINANCE COMPANY LIMITED AND ATLAS ELECTRONICS MANUFACTURING LIMITED.
AT THE END OF THE YEAR THE OFFICIAL RECEIVER'S OFFICE MOVED FROM SUTHERLAND HOUSE TO NEW PREMISES ON THE 10TH TO 12TH FLOORS OF THE NEW GOVERNMENT OFFICES AT NO. 66, QUEENSWAY, HONG KONG.
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