XN000022-1991-07-08 — Page 20

MONDAY, JULY 8, 1991

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IN ADDITION, THE COMMITTEE HAD RECOMMENDED THAT, WHEREVER POSSIBLE, RELEVANT GOVERNMENT DEPARTMENTS SHOULD ВЕ ENCOURAGED TO

EXPLORE THE WIDER USE OF BIOTECHNOLOGY.

"THIS WOULD STIMULATE APPLIED RESEARCH AND DEVELOPMENT AND COULD PROVIDE SUCCESS STORIES WHICH WOULD ENCOURAGE INDUSTRY ΤΟ INVEST IN THIS FIELD, PROF POON SAID.

THE COMMITTEE'S ADVICE HAD BEEN SUBMITTED то THE ADMINISTRATION FOR CONSIDERATION.

LATEST FIGURE OF WINDING-UPS AND PERSONAL BANKRUPTCIES

*

THE REGISTRAR GENERAL, MR NOEL GLEESON, SAID TODAY THAT THERE WERE 166 NEW COMPULSORY WINDING-UPS AND 139 NEW BANKRUPTCIES DURING THE FIRST SIX MONTHS OF THIS YEAR AS WITH THE CORRESPONDING FIGURES OF 142 AND 93 LAST YEAR.

NEW

(MONDAY)

PERSONAL COMPARED

TOTAL

MR GLEESON SAID IT COULD BE SEEN, THEREFORE, THE RATE OF INSOLVENCIES HAD INCREASED BY 29.79 PER CENT WHICH WAS A

CONTINUATION OF THE UPWARD TREND SINCE LAST YEAR.

BUT HE ADDED THAT IT IS STILL BELOW THE RECORD NUMBER OF 397 NEW INSOLVENCIES FOR THE JANUARY JUNE PERIOD OF 1985.

THE BUSINESSES MAINLY AFFECTED BY BANKRUPTCIES AND COMPULSORY COMPANY LIQUIDATIONS INCLUDED GARMENT AND KNITTING MANUFACTURING, IMPORTERS AND EXPORTERS, COMPANY DIRECTORS GIVING PERSONAL GUARANTEES, FINANCIAL INVESTMENT, RESTAURANTS AND CANTEENS, AS WELL AS DYEING AND WASHING.

PETITIONS WERE FILED BY THE DIRECTOR OF LEGAL AID (43 PER

CENT), TRADE CREDITORS 136 PER CENT), BANKS AND FINANCIAL

INSTITUTIONS (19 PER CENT) AND OTHERS (2 PER CENT).

MORE COMPLICATED OR SIGNIFICANT INSOLVENCIES DURING THE FIRST SIX MONTHS OF THIS YEAR WERE WORLDS OF WONDER INTERNATIONAL LIMITED, P.L. HONG TRADING LIMITED, PHILIPP & LION FAR EAST LIMITED, GRANT UNION INSURANCE LTD., MAGSEC INVESTMENT (FAR EAST) LTD. AND CHOCOLATE PRODUCTS (HK) LIMITED.

TOTAL DIVIDENDS DECLARED BY THE OFFICIAL RECEIVER DURING THE FIRST SIX MONTHS OF THIS YEAR AMOUNTED TO $63.68 MILLION IN 122 INSOLVENCIES, AS AGAINST $38.99 MILLION IN 122 INSOLVENCIES FOR THE CORRESPONDING PERIOD LAST YEAR.

THE TOTAL NUMBER OF ACTIVE INSOLVENCY CASES BEING HANDLED BY THE OFFICIAL RECEIVER'S OFFICE AT THE END OF JUNE THIS YEAR WAS 1,670, BEING 936 COMPULSORY WINDING-UPS AND 734 PERSONAL BANKRUPTCIES.

FUNDS ADMINISTERED BY THE OFFICIAL RECEIVER AT THE END OF JUNE THIS YEAR TOTALLED $1,473 MILLION, AN INCREASE OF 74.32 PER CENT AS AGAINST $845 MILLION AT THE END OF JUNE LAST YEAR. THE OFFICIAL RECEIVER ALSO ADMINISTERED A SUM OF US$8.2 MILLION TOGETHER JOINT OVERSKAS LIQUIDATOR.

WITH A

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