THURSDAY, JANUARY 5, 1989
8 -
DOWNWARD TREND IN INSOLVENCIES CONTINUES
A DOWNWARD TREND COURTS, THE
FOR THE THIRD YEAR IN SUCCESSION, THERE WAS LAST YEAR IN THE NUMBER OF NEW INSOLVENCIES REACHING THE REGISTRAR GENERAL, MR NOEL GLEESON, SAID TODAY (THURSDAY).
THERE WERE 163 NEW COMPULSORY COMPANY LIQUIDATIONS AND 216 222 PERSONAL BANKRUPTCIES COMPARED WITH CORRESPONDING FIGURES OF 298 IN 1987, A DECREASE OF 23.12 PER CENT.
NEW AND
CONTINUED AND FOLLOWED INSOLVENCIES
A IN
REFLECTED THE INSOLVENCIES THIS DOWNWARD TREND IN
GENERALLY ECONOMY GOOD PERFORMANCE OF HONG KONG'S
OF NEW 25.18 PER CENT DECREASE IN THE TOTAL NUMBER 1987 COMPARED WITH 1986, MR GLEESON SAID,
DURING THE YEAR
LTD,
MORE COMPLICATED OR SIGNIFICANT INSOLVENCIES WERE: G. F. MARK FIVE KNITTING FACTORY LTD, QUALIMAX ELECTRONICS CLEVEDON CO. LTD, GARYVIEW LTD AND AMERICAN FURRIERS (HK) LTD.
AS AGAINST
DURING 1988 $173.9
TOTAL DIVIDENDS DECLARED BY THE OFFICIAL RECEIVER
INSOLVENCIES, AMOUNTED TO $87.6 MILLION IN 427 MILLION IN 356 INSOLVENCIES IN 1987.
THIS REDUCTION WAS DUE TO A SUBSTANTIAL PAY-OUT INSOLVENCY DURING 1987.
IN ONE LARGE
OFFICIAL
THE TOTAL NUMBER OF INSOLVENCIES BEING HANDLED BY THE RECEIVER'S OFFICE AT THE END OF THE YEAR WAS 2,992 - COMPRISING 1,570
AND 1,422 PERSONAL BANKRUPTCIES COMPULSORY COMPANY LIQUIDATIONS AGAINST A TOTAL OF 3,038 AT THE END OF 1987.
FUNDS ADMINISTERED BY THE OFFICIAL RECEIVER AT THE END YEAR TOTALLED $1,259 MILLION AS AGAINST $1,369 MILLION AT THE 1987, A DECREASE OF 8.04 PER CENT.
OF THE
END OF
DEVELOPMENT WORKS FOR TIN SHUI WAI NEW TOWN
WAI
SEWER AND A LIGHT RAIL TWO MODERN PUBLIC ROADWAYS, A TRUNK TRANSIT RESERVE WILL BE COMPLETED IN 1990 AS PART OF THE TIN SHUI NEW TOWN DEVELOPMENT PROGRAMME.
THIS
WAS
ANNOUNCED
TODAY
DEVELOPMENT DEPARTMENT WHICH IS
WORKS.
(THURSDAY)
BY
THE TERRITORY INVITING TENDERS FOR THE CONTRACT
TWO-LANE ROAD
ΤΟ
UNDER THIS CONTRACT, ABOUT 600 METRES OF A DUAL AND ABOUT 500 METRES OF A SINGLE TWO-LANE ROAD WILL BE CONSTRUCTED IMPROVE ACCESS FOR PEOPLE IN PING SHAN AND HA TSUEN,
/A SECTION