Registrar-Generals-Department-Annual-report-1954-1955 — Page 23

PART VI

OFFICIAL RECEIVER IN BANKRUPTCY AND COMPANIES WINDING UP

New Cases.

41. Four bankruptcy petitions were presented during the year. One of these was, however, withdrawn after a Scheme of Arrangement had been unanimously accepted by the Creditors. Receiving and Adjudication Orders were made, and the Official Receiver was appointed Trustee, in the other three bankruptcies, one of which was of a well-known native Bank, the Kwai Kee Bank, whose unsecured liabilities are estimated to amount to nearly $1,500,000.

42. An Order for the winding up of the Shun Foo Banking and Investment Co., Ltd. by the Court was the only compulsory winding up Order made during the year. The Official Receiver was appointed Liquidator of the Company, which had a paid-up Capital of $1,038,900 and estimated liabilities of over $250,000. The Company's assets consisted mainly of book debts amounting to $986,773, but few of these are realizable, and it is doubtful whether the unsecured Creditors will receive any dividend.

Dividends.

43. Dividends were declared and distributed by the Official Receiver in six bankruptcies, and by outside Trustees in two bankruptcies. Dividends were also declared and distributed by outside Liquidators in two compulsory liquidations.

Cases Concluded.

44. Two bankruptcies were concluded during the year, the Trustees released.

and

17