XN000022-1990-07-11 — Page 44

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WEDNESDAY, JULY 11, 1990

MORE WINDING-UP AND BANKRUPTCY CASES

NEW

PERSONAL

AS COMPARED 1989, THE REGISTRAR

THERE WERE 142 NEW COMPULSORY WINDING-UPS AND 93 BANKRUPTCIES DURING THE FIRST SIX MONTHS OF THIS YEAR WITH THE CORRESPONDING FIGURES OF 74 AND 86 IN GENERAL, MR NOEL GLEESON, SAID TODAY (WEDNESDAY).

INSOLVENCIES HAD IT COULD BE SEEN, THEREFORE, THE RATE OF NEW

WAS A REVERSAL OF THE DOWNWARD INCREASED BY 46.88 PER CENT WHICH TREND SINCE 1986, HE SAID.

BY COMPARISON THERE WAS A 20.4 PER CENT DECREASE IN THE

YEAR OF 1989 OVER OF NEW INSOLVENCIES IN THE FIRST HALF PERIOD OF 1988.

THE

NUMBER SAME

SIGNIFICANT

THE

INSOLVENCIES DURING

GARMENTS LTD, GRAND

THE MORE COMPLICATED OR FIRST SIX MONTHS OF THIS YEAR WERE MAGNIFICENT UNION LIFE ASSURANCE LTD, HANG LUNG INSURANCE LTD AND ARMOUR INSURANCE: CO. LTD.

RECEIVER DURING THE

MILLION IN INSOLVENCIES

122

FOR

THE

TOTAL DIVIDENDS DECLARED BY THE OFFICIAL

ΤΟ $38.99 FIRST HALF YEAR OF 1990 AMOUNTED INSOLVENCIES, AS AGAINST $88.60 MILLION IN 153 CORRESPONDING PERIOD OF 1989.

BEING HANDLED

BY

1,624

THE TOTAL NUMBER OF ACTIVE INSOLVENCY CASES THE OFFICIAL RECEIVER'S OFFICE AT THE END OF JUNE THIS YEAR WAS 884 COMPULSORY WINDING-UPS AND 740 PERSONAL BANKRUPTCIES.

JUNE CENT AS

FUNDS ADMINISTERED BY THE OFFICIAL RECEIVER AT THE END OF

PER 33.04 DECREASE OF THIS YEAR TOTALLED $845 MILLION, A AGAINST $1,262 MILLION AT THE END OF JUNE 1989.

ADMINISTERED THE OFFICIAL

ALSO RECEIVER MILLION TOGETHER WITH A JOINT OVERSEAS LIQUIDATOR.

A SUM OF

US$7.5

SENIOR CITIZENS SHOULD REMAIN ACTIVE

SENIOR CITIZENS SHOULD BE ENCOURAGED TO

CONTINUE CONTRIBUTING MAKE THEIR OWN LIVES MORB AS TO TO THE WELL-BEING OF SOCIETY SO

MR MEANINGFUL AND REWARDING, THE SECRETARY FOR HONG KONG AND KOWLOON, DAVID LAN, SAID TODAY (WEDNESDAY).

HE WAS SPEAKING AT THE 11TH ANNIVERSARY OF THE KOWLOON SENIOR CITIZENS' WELFARE ASSOCIATION.

KONG

STEPPED

MR LAN NOTED THAT AS HONG NUMBER OF ELDERLY PEOPLE WOULD BE ON THE INCREASE.

RONG KONG AND

INTO

THE

90'S,

THE

/THE PROBLEM