XN000022-1972-12-01 — Page 14

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Friday, December 1, 1972

FIRST DIVIDEND TO BE DECLARED FOR MING TAK BANK

The Official Receiver, Mr. W. Hume, who is the Trustee in

Bankruptcy of the Ming Tak Bank, announced today that he proposes to pay

a first dividend of not less than 20 per cent to all unsecured creditors

before the next Chinese New Year provided the necessary arrangements can

be made in time.

Creditors are not required to take any action at the present time

in connection with this proposed payment. Notices will appear in the

newspapers nearer the date informing creditors what they must do in order

to receive their dividend.

In the fifth circular letter issued to creditors of the Ming Tak

Bank since the commencement of the bankruptcy in 1965, Mr. Hume revealed

that all government loans and interest on them had been finally cleared,

and that at October 31, 1972 there was a surplus of about $3 million in

cash available for distribution to creditors.

"This dramatic improvement has been due to further sales, at

favourable prices, of properties forming part of the bankrupt's estate.

Sales from January 1971 to the end of October 1972 realised more than $12

million," Mr. Hume said.

According to the Balance Sheet attached to the circular letter,

the remaining assets of the bankrupt's estate are estimated to be worth

$9 million and the total liabilities have been reduced to a mere $159,000,

bringing out an estimated surplus of over $8.8 million for unsecured

creditors.

This is