XN000022-1995-10-24 — Page 9

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Official Receiver's Office Annual Report released

The annual departmental report of the Official Receiver's Office (ORO) for 1994-95 was released today (Tuesday) by the Official Receiver, Mr Robin Hearder.

In launching the report, Mr Hearder noted that although the total number of new court insolvencies during 1994-95 had only gone up slightly by 0.4 per cent to 754 cases, it meant the previous increase in 1993-94 was continued. Considerable pressure will be brought upon the insolvency officers, legal officers, Treasury accountants and all other members of the staff as a result and inevitably this will cause some delays.

In terms of service delivery, staff of all grades have been able to maintain performance standards. Nearly all the targets in the performance pledges have been achieved and three new items have been added to the 1995-96 list. These standards are monitored quarterly by the Customer Liaison Group - the ORO Services Advisory Committee.

There were solid increases in the amount of summonses issued and fines totalling $550,000 were awarded by the courts in respect of prosecutions of the various insolvency offences during 1994-95.

In addition, an encouraging start has been made to the disqualification of directors under the new Part IVA of the Companies Ordinance and this will enhance the regulatory role of the department.

Drafting work continues on the bankruptcy amendments proposed by the Law Reform Commission, and it is expected that a bill will be gazetted for discussion by the Legislative Council early next year.

The number of proofs of claims adjudicated remain at the same high level, but the number of cases with dividends declared and the amounts of dividends were reduced largely because of lower level of realisation of assets.

There was increased contact with China and in September last year. The Official Receiver was part of the Financial Services Branch delegation that visited Beijing and Shanghai.

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