XN000022-1994-01-12 — Page 10

WEDNESDAY, JANUARY 12, 1994

NUMBER OF INSOLVENCY CASES STABLE LAST YEAR

* * *

AGAINST THE TOTAL THE TOTAL NUMBER OF NEW COURT INSOLVENCIES

AT REMAINED STABLE NUMBER OF COMPANIES IN HONG KONG LAST YEAR

0.18 PER CENT, REPRESENTING NO CHANGE FROM THE PREVIOUS YEAR.

REVIEWING THE

WORK OF HIS DEPARTMENT IN 1993, THE OFFICIAL RECEIVER, MR ROBIN HEARDER, SAID THERE WERE 408 NEW COMPULSORY COMPANY

AND 329 NEW LIQUIDATIONS

PERSONAL BANKRUPTCIES COMPARED CORRESPONDING FIGURES OF 342 AND 295 IN 1992, AN INCREASE OF 15.7

CENT.

HOWEVER,

INCREASE THE

HAD

WITH

PER

BEEN OFFSET BY THE CONCURRENT KONG, MR INCREASE IN THE NUMBER OF NEW COMPANIES SETTING UP IN HONG HEARDER SAID.

THE

COMPULSORY BY

KNITTING AND

COMPANY GARMENT

MAINLY BUSINESSES

AFFECTED BANKRUPTCIES INCLUDED AND LIQUIDATIONS MANUFACTURING, RESTAURANTS AND CANTEENS, CONSTRUCTION AND ENGINEERING, ELECTRICAL AND ELECTRONIC MANUFACTURING, IMPORTERS AND EXPORTERS, COMPANY DIRECTORS GIVING PERSONAL GUARANTEES.

PETITIONS

WERE

AND

PER

(40 AID FILED BY THE DIRECTOR OF LEGAL CENT), TRADE CREDITORS (37 PER CENT), BANKS AND FINANCIAL INSTITUTIONS (16 PER CENT) AND OTHERS (SEVEN PER CENT).

MORE COMPLICATED OR SIGNIFICANT INSOLVENCIES DURING WERE LAM WO ENTERPRISES LIMITED, ENIM OIL COMPANY LIMITED, LIMITED, CONSO ELECTRONICS (FAR EAST) LIMITED, WATSON TRADING LIMITED, HEROFORM INDUSTRIES MANAGEMENT LIMITED, CHAN NIM CHI AND BRUNO GALARDI ESTE.

PACIFIC LIMITED, PAN

THE YEAR META-GROW

COMPANY

SECURITIES

ONE HUNDRED SUMMONSES AS AGAINST 55 IN 1992 WERE ISSUED AGAINST BANKRUPTS AND DIRECTORS OF COMPULSORILY WOUND-UP COMPANIES FOR FAILURE

SUBMIT STATEMENT OF AFFAIRS TO THE OFFICIAL RECEIVER, KEEP PROPER BOOKS AND RECORDS AND MISCONDUCT.

ΤΟ

FAILURE то

WERE 1992 THE COURT WAS

SIXTY-SIX BANKRUPTS OR DIRECTORS AS AGAINST 45 IN CONVICTED AND

TOTAL AMOUNT OF FINES IMPOSED BY THE $326,458 AS AGAINST $298,390 IN 1992.

MONTHS'

OF OBTAINING CREDIT A BANKRUPT HANG HANSON WHO WAS CONVICTED WITHOUT DISCLOSING HIS BANKRUPTCY STATUS WAS SENTENCED TO TWO IMPRISONMENT SUSPENDED FOR 18 MONTHS.

1993

AGAINST $221.36

TOTAL DIVIDENDS DECLARED BY THE OFFICIAL RECEIVER DURING AMOUNTED TO $179.38 MILLION IN 251 INSOLVENCIES, AS MILLION IN 207 INSOLVENCIES IN 1992.

IN TERMS OF THE NUMBER OF INSOLVENCIES WITH DIVIDENDS DECLARED, THERE WAS AN INCREASE OF 21.27 PER CENT.

OR ORDINARY DIVIDEND WAS PER CENT PREFERENTIAL ONE HUNDRED

BANGKOK CITY FINANCE DECLARED

89 INSOLVENCIES, INCLUDING FIRST IN LIMITED

MILLION} AND ($21.8

THA I

FINANCE MERCANTILE LIMITED ($10.8 MILLION).

DEVELOPMENT

/SUBSTANTIAL DIVIDENDS

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