XN000022-1994-07-18 — Page 5

MONDAY, JULY 18, 1994

MORE COMPLICATED OR SIGNIFICANT INSOLVENCIES DURING THE FIRST SIX MONTHS OF THIS YEAR WERE AMERICAN LAUNDERLAND MANAGEMENT LIMITED, AMERICAN LAUNDERLAND HOLDINGS LIMITED, HONG KONG VIDEO PUBLISHING COMPANY LIMITED, T S WONG (INVESTMENT AND FINANCE) COMPANY LIMITED, LAWE WILLIAM (CHINA TRADE) LIMITED AND MELBA TRADING COMPANY LIMITED.

DURING THE PERIOD, 42 SUMMONSES WERE ISSUED AGAINST DIRECTORS OF COMPANIES IN COMPULSORY LIQUIDATION FOR FAILURE TO SUBMIT STATEMENTS OF AFFAIRS TO THE OFFICIAL RECEIVER AND TO KEEP BOOKS AND ACCOUNTS FOR WOUND-UP COMPANIES AND 44 DIRECTORS WERE CONVICTED.

THE TOTAL AMOUNT OF FINES IMPOSED BY THE COURT WAS $339,470, WHICH WAS AN INCREASE OF

OF 67.43 PER CENT COMPARED WITH THE CORRESPONDING FIGURE IN 1993.

TOTAL DIVIDENDS DECLARED BY THE OFFICIAL RECEIVER DURING THE FIRST HALF YEAR OF 1994 AMOUNTED TO $34.5 MILLION IN 121 INSOLVENCIES, AS AGAINST $121.1 MILLION IN 125 INSOLVENCIES FOR THE CORRESPONDING PERIOD OF 1993.

THERE WERE 11 SCHEMES OF ARRANGEMENT/COMPOSITIONS APPROVED THE COURT DURING THE FIRST SIX MONTHS OF 1994, AS AGAINST 10 FOR SAME PERIOD IN THE PREVIOUS YEAR.

BY

THE

THE TOTAL NUMBER OF ACTIVE INSOLVENCY CASES BEING HANDLED BY THE OFFICIAL RECEIVER'S OFFICE AT THE END OF LAST MONTH WAS 2,180, REPRESENTING 1,335 COMPULSORY COMPANY LIQUIDATIONS AND 845 PERSONAL BANKRUPTCIES.

FUNDS ADMINISTERED BY THE OFFICIAL RECEIVER AT THE END OF JUNE 1994 (EXCLUDING FUNDS PERTAINING TO THE BCCHK LIQUIDATIONS) TOTALLED $1,168 MILLION COMPARED WITH $1,217 MILLION AT JUNE 30, 1993, REPRESENTING A REDUCTION OF $49 MILLION.

THE OFFICIAL RECEIVER ALSO ADMINISTERED THE SUMS OF U.S.$2.1 MILLION (U.S.$2 MILLION AT JUNE 30, 1993) AND JAPANESE YEN 269 MILLION (YEN 13 MILLION AT JUNE 30, 1993).

THE FUNDS OF THE BCCHK LIQUIDATIONS UNDER THE OFFICIAL RECEIVER'S ADMINISTRATION AMOUNTED TO APPROXIMATELY $2,201 MILLION ($3,248 MILLION AT JUNE 30, 1993).

UNCERTAINTY CLEARED OVER SWEATERS ANTI-DUMPING

HONG KONG'S MAN-MADE FIBRE SWEATERS EXPORTS TO THE UNITED STATES WILL NO LONGER BE SUBJECT TO A 5.86 PER CENT ANTI-DUMPING DUTIES AND THE UNCERTAINTY CREATED BY THE ANTI-DUMPING PROCEEDINGS IN THE U.S. NOW CLEARED.

DEPUTY DIRECTOR-GENERAL OF TRADE MR THOMAS YIU SAID THIS TODAY (MONDAY) AFTER THE U.S. DEPARTMENT OF COMMERCE PUBLISHED ON JULY 14 THE REVOCATION ORDER ON THE ANTI-DUMPING ACTION AGAINST MAN-MADE FIBRE SWEATERS FROM HONG KONG.

"THE REVOCATION