WEDNESDAY, JANUARY 12, 1994
NUMBER OF INSOLVENCY CASES STABLE LAST YEAR
* * *
AGAINST THE TOTAL THE TOTAL NUMBER OF NEW COURT INSOLVENCIES
AT REMAINED STABLE NUMBER OF COMPANIES IN HONG KONG LAST YEAR
0.18 PER CENT, REPRESENTING NO CHANGE FROM THE PREVIOUS YEAR.
REVIEWING THE
WORK OF HIS DEPARTMENT IN 1993, THE OFFICIAL RECEIVER, MR ROBIN HEARDER, SAID THERE WERE 408 NEW COMPULSORY COMPANY
AND 329 NEW LIQUIDATIONS
PERSONAL BANKRUPTCIES COMPARED CORRESPONDING FIGURES OF 342 AND 295 IN 1992, AN INCREASE OF 15.7
CENT.
HOWEVER,
INCREASE THE
HAD
WITH
PER
BEEN OFFSET BY THE CONCURRENT KONG, MR INCREASE IN THE NUMBER OF NEW COMPANIES SETTING UP IN HONG HEARDER SAID.
THE
COMPULSORY BY
KNITTING AND
COMPANY GARMENT
MAINLY BUSINESSES
AFFECTED BANKRUPTCIES INCLUDED AND LIQUIDATIONS MANUFACTURING, RESTAURANTS AND CANTEENS, CONSTRUCTION AND ENGINEERING, ELECTRICAL AND ELECTRONIC MANUFACTURING, IMPORTERS AND EXPORTERS, COMPANY DIRECTORS GIVING PERSONAL GUARANTEES.
PETITIONS
WERE
AND
PER
(40 AID FILED BY THE DIRECTOR OF LEGAL CENT), TRADE CREDITORS (37 PER CENT), BANKS AND FINANCIAL INSTITUTIONS (16 PER CENT) AND OTHERS (SEVEN PER CENT).
MORE COMPLICATED OR SIGNIFICANT INSOLVENCIES DURING WERE LAM WO ENTERPRISES LIMITED, ENIM OIL COMPANY LIMITED, LIMITED, CONSO ELECTRONICS (FAR EAST) LIMITED, WATSON TRADING LIMITED, HEROFORM INDUSTRIES MANAGEMENT LIMITED, CHAN NIM CHI AND BRUNO GALARDI ESTE.
PACIFIC LIMITED, PAN
THE YEAR META-GROW
COMPANY
SECURITIES
ONE HUNDRED SUMMONSES AS AGAINST 55 IN 1992 WERE ISSUED AGAINST BANKRUPTS AND DIRECTORS OF COMPULSORILY WOUND-UP COMPANIES FOR FAILURE
SUBMIT STATEMENT OF AFFAIRS TO THE OFFICIAL RECEIVER, KEEP PROPER BOOKS AND RECORDS AND MISCONDUCT.
ΤΟ
FAILURE то
WERE 1992 THE COURT WAS
SIXTY-SIX BANKRUPTS OR DIRECTORS AS AGAINST 45 IN CONVICTED AND
TOTAL AMOUNT OF FINES IMPOSED BY THE $326,458 AS AGAINST $298,390 IN 1992.
MONTHS'
OF OBTAINING CREDIT A BANKRUPT HANG HANSON WHO WAS CONVICTED WITHOUT DISCLOSING HIS BANKRUPTCY STATUS WAS SENTENCED TO TWO IMPRISONMENT SUSPENDED FOR 18 MONTHS.
1993
AGAINST $221.36
TOTAL DIVIDENDS DECLARED BY THE OFFICIAL RECEIVER DURING AMOUNTED TO $179.38 MILLION IN 251 INSOLVENCIES, AS MILLION IN 207 INSOLVENCIES IN 1992.
IN TERMS OF THE NUMBER OF INSOLVENCIES WITH DIVIDENDS DECLARED, THERE WAS AN INCREASE OF 21.27 PER CENT.
OR ORDINARY DIVIDEND WAS PER CENT PREFERENTIAL ONE HUNDRED
BANGKOK CITY FINANCE DECLARED
89 INSOLVENCIES, INCLUDING FIRST IN LIMITED
MILLION} AND ($21.8
THA I
FINANCE MERCANTILE LIMITED ($10.8 MILLION).
DEVELOPMENT
/SUBSTANTIAL DIVIDENDS
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