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THURSDAY, JANUARY 17, 1991
"THERE WERE 286 NEW COMPULSORY COMPANY LIQUIDATIONS AND 209 NEW PERSONAL BANKRUPTCIES COMPARED WITH CORRESPONDING FIGURES OF 158 AND 177 IN 1989, AN INCREASE OF 47.76 PER CENT, MR GLEESON SAID.
"HOWEVER, THE TOTAL NUMBER OF NEW CASES AT 495 WAS ONLY 71 PER CENT OF THE HIGHEST EVER TOTAL FIGURE OF 699 WHICH WAS RECORDED IN 1985, HE ADDED.
"
THE BUSINESSES MAINLY AFFECTED BY BANKRUPTCIES AND COMPULSORY COMPANY LIQUIDATIONS INCLUDED GARMENT AND KNITTING MANUFACTURING AND TRADING, IMPORTERS AND EXPORTERS, COMPANY DIRECTORS GIVING PERSONAL GUARANTEES, CONSTRUCTION AND ENGINEERING, ELECTRICAL AND ELECTRONIC MANUFACTURING AND RESTAURANTS AND CANTEENS.
PETITIONS WERE FILED BY THE DIRECTOR OF LEGAL AID (50 PER CENT), TRADE CREDITORS (25 PER CENT), BANKS AND FINANCIAL INSTITUTIONS
(20 PER CENT) AND OTHERS (FIVE PER CENT).
MORE COMPLICATED OR SIGNIFICANT INSOLVENCIES DURING THE YEAR WERE MAGNIFICENT GARMENTS LTD, GRAND UNION LIFE ASSURANCE LTD, ARMOUR INSURANCE CO. LTD, NATIONAL EMPLOYERS' MUTUAL GENERAL INSURANCE ASSOCIATION LTD, VAN SHUN DYEING FACTORY LTD, SANG LEE INVESTMENT LTD, COIN HOUSE LTD, AND PAUL NG ALSO KNOWN AS NG TSE MO.
CO.
TOTAL DIVIDENDS DECLARED BY THE OFFICIAL RECEIVER DURING 1990 AMOUNTED TO $54.8 MILLION IN 253 INSOLVENCIES, AS AGAINST $139.9 MILLION IN 308 INSOLVENCIES IN 1989.
MR GLEESON NOTED THAT THERE WAS A SUBSTANTIAL PAY-OUT IN ONE LARGE INSOLVENCY DURING 1989.
THE TOTAL NUMBER OF ACTIVE INSOLVENCY CASES BEING HANDLED BY THE OFFICIAL RECEIVER'S OFFICE AT THE END OF THE YEAR WAS 1,573, REPRESENTING 870 COMPULSORY COMPANY LIQUIDATIONS AND 703 PERSONAL BANKRUPTCIES, AS AGAINST A TOTAL OF 1,608 AT THE END OF 1989.
FUNDS ADMINISTERED BY THE OFFICIAL RECEIVER AT THE END OF THE TOTALLED $1,004 MILLION AS AGAINST $1,297 MILLION AT THE END OF 1989, A DECREASE OF 22.5 PER CENT.
YEAR
HE ALSO ADMINISTERED A SUM OF US$7.8 MILLION TOGETHER WITH A JOINT LIQUIDATOR.
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