Registrar-Generals-Department-Annual-report-1965-1966 — Page 45

126. Section 270 of the Companies Ordinance provides that if where a company is being wound up a liquidator has in his hands or under his control any money representing unclaimed or undistributed assets of the company which have remained unclaimed or undistributed for six months after the date of their receipt, the liquidator shall forthwith pay the money into the Companies Liquidation Account. Sums totalling $901 were received from liquidators in voluntary liquidations in respect of unclaimed assets, and sums totalling $15,037 were paid to creditors and shareholders who established their right thereto. $40,106, representing unclaimed balances held for over five years, was transferred to general revenue. At the end of the year unclaimed dividends and returns of capital amounting to $348,080 in respect of voluntary liquidations and $13,926 in respect of compulsory liquida- tions were still held in the Companies Liquidation Account.

Fees

127. The Official Receiver's fees and commission charged during the year totalled $66,001 as follows:

Bankruptcy

Companies Liquidation

$48,434

17,567

$66,001

This was some $900 more than in the previous year. The fees collected in a year are not a reliable index to the amount of work during that year, for by the nature of things they include fees in respect of work done in previous years and do not include many fees payable in respect of current cases.

PART VII

OFFICIAL TRUSTEE AND JUDICIAL TRUSTEE

Explanatory

128. The Official Trustee's functions are laid down in Part VII of the Trustee Ordinance and the Administration of Trust Fund Rules made under Section 76 of that Ordinance. The Judicial Trustee Rules, 1953, made under Section 64 of the Trustee Ordinance, provide that where an official of the Court is appointed Judicial Trustee, the Regis- trar General shall be so appointed unless for special reasons the Court directs that some other official of the Court be appointed.

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