- 8
Mr Lam stressed that it was the Government's wish to encourage lecturers to continue to make contributions to teacher education by joining the HKIED.
The Education Department today wrote to all lecturing staff informing them of the details of the final bridging-over package approved by the Governor-in-Council.
End/Tuesday, January 17, 1995
Bank of Credit and Commerce HK Ltd announces 8th dividend to creditors
Mr Robin Hearder, the Official Receiver and Liquidator of Bank of Credit and Commerce Hong Kong Limited (In Liquidation), today (Tuesday) announced that an eighth dividend to creditors would be declared in the amount of 5% of their admitted claims on January 20.
The 5% announced today will be the eighth dividend to creditors owed more Creditors owed than HK$100,000 and will bring dividends declared to 83%. HK$100,000 or less were paid in full following a Scheme of Arrangement approved in September 1992.
Cheques will be despatched from January 20 and all should have been sent by January 27.
This is the fifth dividend payment in the past 12 months and is in accordance with the dividend timetable originally estimated by Mr Hearder of dividend payments every three months, subject to the timing of asset realisations and the resolution of significant claims.
An ongoing review of the levels of cash balances which need to be reserved in order to meet potential dividends to known depositors and other claimants, pending trust claims and future expenditure has allowed the Special Managers to reduce certain of those provisions. This reduction of provisions taken together with continuing substantial debt recoveries has enabled the Special Managers to declare this dividend.
At the time of the payment of the seventh dividend, the Special Managers estimated that the overall return to creditors would be in excess of 80% of admitted claims but that the final payout was still entirely contingent on future realisations and other settlements and was not able to be estimated with any precision at that stage. Whilst this dividend takes the total return over 80%, that proviso regarding future payments still applies.