for the administration in bankruptcy of the estates of deceased debtors and six Receiving Orders, including two in respect of petitions presented in 1960-61, were made during the year. One Receiving Order was, however, later rescinded. Adjudication Orders were made in six cases, including three in respect of 1960-61 cases. The Official Receiver became Trustee in all six cases.
101. Orders were made by the Court for the winding up of three companies, in all of which the Official Receiver as usual became Liquidator. One petition for the winding up of a company submitted in 1959-60 was withdrawn during the year, and the Official Receiver's responsibility as Provisional Liquidator for the running of several schools with over 10,000 pupils thereupon ceased.
102. Table XXXIII shows the estimated assets and liabilities in the seven 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.
103. Of the new bankruptcies, one related to a motor-car dealer who had been agent for a well-known make of motor-cars, and had died with over a hundred new cars on hand, most of which were subject to prior charges in favour of local banks. Nevertheless the Official Receiver succeeded in making arrangements for some fifty cars to be redeemed and sold to a distributor at a profit.
The Peony House Case
104. In the 1960-61 case of Peony House West Block Limited, the Official Receiver's Office successfully carried out the scheme of arrange- ment mentioned in last year's Report. Under this, a block of low-cost flats with shops on the ground floor was completed, and 259 purchasers mainly from the lower income groups obtained their flats and shops on contributing a further 30% of the original purchase price. By fulfilling their obligations promptly the purchasers greatly facilitated the bringing of the scheme to a successful conclusion.
Pre-war Bankruptcy Cases
105. Quite by chance it was discovered that the two partners of a bank which went bankrupt in 1933 owned interests in some land in Victoria and the New Territories. The properties were claimed and sold by the Official Receiver, realizing a net sum of $342,644. A supple- mentary dividend of 40% on the estimated liabilities of $800,000 was
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