Registrar-Generals-Department-Annual-report-1959-1960 — Page 26

a Special Manager was appointed to deal with the day to day business (as distinct from educational) running of the schools.

Dividends

68. Dividends were declared and distributed by the Official Receiver in eleven bankruptcies and in one compulsory liquidation.

Public Examinations and Court Work

69. Public Examinations were held in seven cases. Altogether, the legal officers of the Department appeared in Court and in Chambers on 57 occasions in connexion with bankruptcies and liquidation.

Cases Concluded

70. Only one case was formally concluded, a bankruptcy in which the Official Receiver was released from the trusteeship.

Previous Cases still Outstanding

71. Thirty eight outstanding bankruptcies were carried over from previous years, but in eighteen of these a final dividend has already been paid, and only formal closure proceedings are required. There were twelve compulsory liquidations outstanding from previous years, three of which were merely awaiting formal conclusion. Some of the cases awaiting formal closure have been awaiting closure for several years. It has, however, been necessary to give priority to the more important work on current cases, and closure of old cases must perforce await a falling off in the number of complicated new cases.

Failures during 1959/60

72. Table XXI shows the estimated assets and liabilities in the nine bankruptcies and three compulsory liquidations in the year classified according to trades and occupations. These estimates are normally based on information given by the Debtors and are seldom reliable indications of the true position.

Official Receiver in Bankruptcy Account

73. The receipts and payments for the year and the assets and liabilities as at 31st March, 1960 are set out in Table XXII. Assets of bankrupt estates produced $283,445.46 compared with $541,400.10 in the previous year. Dividends paid to preferential creditors and unsecured creditors amounted to $13,677.49 and $134,919.41 respectively, making a total of $148,596.90 and unclaimed dividends amounting to $2,182.70 were transferred to the Bankruptcy Estates Account.

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