PART VI
OFFICIAL RECEIVER IN BANKRUPTCY
AND COMPANIES WINDING UP
New Cases.
29. In all, five bankruptcy petitions were filed during the period in question and of these five one was withdrawn owing to a composition having been agreed upon before the Receiving Order was made. Of the remaining four, Receiving and Adjudication Orders were made in three, while in the fourth matter, an Order for the administration in bankruptcy of the estate of the deceased debtor was made. The total liabilities in these four bankruptcies are estimated to amount to $1,700,000. With the exception of one case in which there are practically no assets whatsoever, it is estimated that the creditors in the other three bankruptcies are likely to receive a dividend of 10% or thereabouts.
30. Orders were granted for the winding up of three com- panies by the Court. The Ching Siong Land Investment Company Limited with estimated liabilities of some $700,000 being the largest of these but owing to the highly complex nature of this case it is not yet possible to predict what dividend (if any) will be received by the Company's unsecured creditors. The assets of the other two companies are small and the estimated liabilities amount to $214,000.00.
Previous cases still proceeding.
31. During the period under review, in addition to the five new cases mentioned above, there were twelve other bank- ruptcies outstanding from previous years with the Official Receiver acting as trustee in seven of these cases, leaving the
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