XN000022-1992-01-14 — Page 2

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TUESDAY, JANUARY 14, 1992

NEW INSOLVENCY CASES IN 1991 ON INCREASE

THE

UPWARD

TREND,

OFFICIAL THE

THE NUMBER

NEW OF

INSOLVENCIES REACHING LAST YEAR CONTINUED TO SHOW AN RECEIVER'S OFFICE REGISTRAR GENERAL, MR NOEL GLEESON, SAID TODAY (TUESDAY).

SINCE 1985 THAT NEW COMPULSORY IT WAS ALSO THE SECOND YEAR COMPANY LIQUIDATIONS WERE MORE THAN NEW PERSONAL BANKRUPTCIES.

NEW

THERE WERE 346 NEW COMPULSORY COMPANY LIQUIDATIONS AND 283

CENT AS COMPARED PERSONAL BANKRUPTCIES, AN INCREASE OF 27.07 PER WITH CORRESPONDING FIGURES OF 286 AND 209 IN 1990.

629, WAS ONLY 90

HOWEVER, THE TOTAL NUMBER OF NEW CASES, AT PER CENT OF THE HIGHEST EVER TOTAL FIGURE OF 699 WHICH WAS RECORDED IN 1985.

BUSINESSES MAINLY AFFECTED BY COMPULSORY

AND BANKRUPTCIES

INCLUDED GARMENT AND RESTAURANTS AND CANTEENS, IMPORTERS AND DIRECTORS GIVING PERSONAL GUARANTEES.

PER

DIRECTOR

CENT),

COMPANY LIQUIDATIONS KNITTING MANUFACTURING, EXPORTERS,

AND COMPANY.

OF LEGAL AID (40

BANKS AND FINANCIAL

PER

PETITIONS WERE FILED BY THE CENT),

CREDITORS (40 TRADE INSTITUTIONS (18 PER CENT) AND OTHERS (2 PER CENT).

KONG LIMITED AND

WAS

OTHER THAN BANK OF CREDIT AND COMMERCE HONG BCCI FINANCE INTERNATIONAL LIMITED IN WHICH THE OFFICIAL RECEIVER APPOINTED PROVISIONAL LIQUIDATOR, MORE COMPLICATED OR SIGNIFICANT

WERE: INSOLVENCIES DURING THE YEAR

WORLDS OF WONDER INTERNATIONAL LIMITED, P.L. HONG TRADING LIMITED, GRAND UNION INSURANCE LTD.. DRAGON RESTAURANT (TSIMSHATSUI) LTD., GULF FINANCE CO. SECURITIES HOLDINGS LTD, AND TSANG CHUN KAU, FORMERLY PRACTISING AS SOLICITOR UNDER THE NAME OF C.K. TSANG & CO.

LUCKY

LTD.. PACIFIC

A

DURING 1991

67 PER

TOTAL DIVIDENDS DECLARED BY THE OFFICIAL RECEIVER AMOUNTED TO $91.7 MILLION IN 242 INSOLVENCIES, AN INCREASE OF CENT AS COMPARED WITH $54.8 MILLION IN 253 INSOLVENCIES DURING 1990.

THE 1,793

BANKRUPTCIES

RECEIVER'S 1,014 COMPULSORY

THE TOTAL NUMBER OF ACTIVE INSOLVENCY CASES OFFICIAL

AT

THE

-

END OF OFFICE

COMPANY LIQUIDATIONS

THE

AND

779

BEING HANDLED BY YEAR WAS PERSONAL

AS AGAINST A TOTAL OF 1,573 AT THE END OF 1990.

FUNDS ADMINISTERED BY THE OFFICIAL RECEIVER AT THE END YEAR TOTALLED $1,441 MILLION AS AGAINST $1,004 MILLION AT THE 1990, REPRESENTING AN INCREASE OF 43.5 PER CENT.

OF THE END OF

HE ALSO ADMINISTERED A SUM OF US$8.4 MILLJON JOINT LIQUIDATOR.

TOGETHER

WITH A

0

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