Public Examinations.
43. Public examinations were held in five cases during the year, and, in consequence of these, certain offences were reported by the Official Receiver leading to two prosecutions being ordered by the Court.
Cases Concluded.
44. One bankruptcy was concluded during the year, and the Trustee released.
Previous Cases Still Outstanding.
45. There were 24 bankruptcies outstanding from previous years, but in nine of these a final dividend has already been paid and only formal proceedings to close the bankruptcies are required.
Particular reference is made to the bankruptcy of the Kar Cheung Chong Bank, which, as mentioned in the Report for 1955/56, is a case where the unsecured liabilities were estimated to exceed $7,000,000. This case continued to occupy a very considerable proportion of the time of the Official Receiver's office, the volume of work involved in matters such as the collection of accounts, the settlement of outstanding debts, the institution of proceedings against defaulting debtors, and the operation of the wolfram mine which formed part of the assets of the proprietor of the bank, being exceptionally onerous in view of the magnitude of the claims and the many complicated issues involved. In November, 1956, the department's Legal Assistant and the Assistant Registrar of the Bankruptcy section together visited Bangkok on the instructions of the Committee of Inspection to hold discussions with one of the major proving creditors in the bankruptcy resident there, and were successful in concluding a favourable settlement.
Twelve compulsory liquidations were outstanding from previous years, six of which are merely awaiting formal conclusion.
Official Receiver in Bankruptcy Account.
46. Table XIV sets out the receipts and payments for the year, and the assets and liabilities as at 31.3.57. The total sum realized from bankruptcy estates amounted to $747,541.51. Dividends paid to creditors totalled $748,565.74, and unpaid
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