TUESDAY, MAY 5, 1992
ENSURE
TO
"THE UPGC IS, THEREFORE, MONITORING THE SITUATION CLOSELY,
THE MAINTENANCE OF HIGH ACADEMIC STANDARDS AND MAXIMUM COST- EFFECTIVENESS."
FOR
MR CHAN ALSO REASSURED THE ACTION GROUP THAT THERE WAS NO NEED ANY UPGC-FUNDED INSTITUTION TO ADMIT STUDENTS WHO HAD NOT SATISFIED THEIR MINIMUM ENTRANCE REQUIREMENTS.
PROGRESS OF BCCHK'S LIQUIDATION
BY
REPORTING ON THE PROGRESS OF THE LIQUIDATION OF BANK OF CREDIT AND COMMERCE HONG KONG (BCCHK) SINCE THE WINDING UP ORDER WAS MADE THE HIGH COURT, THE REGISTRAR GENERAL, MR NOEL GLEESON, SAID A COMMITTEE OF INSPECTION COMPRISING DEPOSITORS AND TRADE FINANCE AND OTHER CREDITORS WAS APPOINTED BY THE COURT IN MARCH.
THREE MEETINGS OF THE COMMITTEE HAD BEEN HELD TO DATE DURING WHICH IMPORTANT DECISIONS WERE TAKEN AND INSTRUCTIONS WERE GIVEN ΤΟ THE SPECIAL MANAGERS FOR THE CONDUCT OF THE LIQUIDATION.
THESE MEETINGS AND CONSULTATIONS WERE MOST IMPORTANT AND WOULD CONTINUE THROUGHOUT THE LIQUIDATION.
THE MAJOR TASKS IN THE LIQUIDATION, WHICH COMMENCED ON MARCH 2, WERE TO COLLECT OUTSTANDING LOANS AND DEPOSITS, SELL ASSETS, ESTABLISH WHO THE CREDITORS WERE AND HOW MUCH WAS OWED TO EACH OF THEM AND DISTRIBUTE THE ASSETS TO THOSE CREDITORS.
HE SAID THE FOLLOWING STEPS HAD BEEN TAKEN SO FAR:
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STATEMENTS HAD BEEN SENT TO ALL DEPOSITORS ASKING THEM TO CONFIRM THEIR BALANCES AND ABOUT 35,000 DEPOSITORS HAD RECEIVED A TOTAL OF ABOUT 120,000 STATEMENTS;
RECOVERY ACTION HAD COMMENCED IN RESPECT OF THE APPROXIMATELY 2,000 BORROWERS BY THE ISSUE OF DEMAND LETTERS, FAILURE TO RESPOND TO WHICH MAY RESULT IN LEGAL ACTION;
PROFESSIONAL PROPERTY CONSULTANTS (CHESTERTON PETTY LTD) HAD BEEN APPOINTED TO SELL THE PROPERTY ASSETS;
AUCTIONEERS AND AGENTS HAD BEEN APPOINTED ΤΟ SELL OTHER ASSETS, MAINLY BY PUBLIC AUCTION;
TO SAVE COSTS, A LEASE HAD BEEN SIGNED FOR PREMISES IN STANHOPE HOUSE AT QUARRY BAY TO RELOCATE THE HEAD OFFICE AND,
OVER THE NEXT SIX MONTHS, ALL BCCHK BRANCH WHICH WOULD REDUCE THE RENTAL BILL BY ABOUT 90%;
OPERATIONS
/* THE WORKFORCE