One hundred per cent preferential payments or ordinary dividends were declared in 100 insolvencies. Substantial dividends were also declared to the creditors of Armour Insurance Company Limited ($21.07 million) and Nugan Hand Bank ($3.2 million).
Funds administered by the Official Receiver at the end of December 1995 (excluding funds pertaining to the BCCHK liquidations) totalled $1,052 million compared with $1,093 million at December 31, 1994, representing a reduction of $41 million.
The Official Receiver also administered US$1.8 million (US$2.9 million at December 31, 1994) and Japanese Yen 271 million (Yen 270 million at December 31, 1994).
The BCC funds under the Official Receiver's administration amounted to approximately $901 million ($1,949 million at December 31, 1994).
The total number of active insolvency cases being handled by the Official Receiver's Office at the end of the year was 2,509, representing 1,476 compulsory liquidations and 1,033 personal bankruptcies, as against a total of 2,208 at the end of 1994.
End
Reward scheme to combat illicit cigarette activities renewed
The Customs and Excise Department and the Tobacco Institute of Hong Kong have agreed to renew the reward scheme concerning information on illicit cigarettes which commenced in 1994 and ended on December 31, 1995.
The scale of reward in the scheme has been revised with effect from January 1. 1996 as follows:
Quantity of cigarettes
seized on any one
occasion
Rate of
reward
(1995)
Rate of
reward
(1996)
Between 500,000 and 1,000,000
$10,000
$10,000
Between 1,000,001 and 1,500,000
$20,000
$20,000
Between 1,500,001 and 2,000,000
$20,000
$30,000
Over 2,000,000
$50,000
$50,000