Registrar-Generals-Department-Annual-report-1965-1966 — Page 44

thirty-five of these either a final dividend had already been paid or there were no assets available for distribution and only formal closure proceedings were required. There were forty-nine compulsory liquida- tions outstanding from previous years, fourteen of which were merely awaiting formal closure. Because of the pressure of work in the Official Receiver's Office and the necessity to concentrate on current cases, it has been found necessary to put aside all cases which require only formal closure.

Official Receiver in Bankruptcy Account

124. The receipts and payments for the year and the assets and liabilities as at 31st March 1966 are set out in Table XXII. Assets of bankrupt estates produced $1,572,631 and $81,312 was received in bank interest. Payments to preferential creditors and dividends to unsecured creditors amounted to $1,781 and $299,869 respectively, making a total of $301,650, and unclaimed funds and dividends amounting to $33,409 were transferred to the Bankruptcy Estates Account. Expenses of administration of bankrupt estates absorbed $320,833, of which $263,239 was attributable to The Ming Tak Bank case. At the end of the year the assets held by the Official Receiver on account of bank- ruptcies totalled $10,464,876 including an advance account in respect of $8,200,000 borrowed from the Hong Kong Government, $2,237,161 held in respect of undistributed assets of bankrupt estates, and $7,877 in respect of unclaimed dividends.

Companies Liquidation Account

125. The receipts and payments for the year and the assets and liabilities as at 31st March 1966 are set out in Table XXIII. This Table does not include, except for certain administrative expenses, the details of The Canton Trust and Commercial Bank, Limited, for which a separate account is kept (Table XXIV). Assets of companies in com- pulsory liquidation produced $758,631 and payments to preferential creditors and dividends to unsecured creditors amounted to $127,417 and $53,657 respectively. Interest on investments and bank interest totalled $44,868, of which $34,856 was transferred to General Revenue in accordance with Section 279(3) of the Companies Ordinance. Expenses of administration amounted to $146,649, of which $124,937 was attributable to The Canton Trust and Commercial Bank, Limited. The assets held at the end of the year totalled $1,361,008.

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