Registrar-Generals-Department-Annual-report-1966-1967 — Page 41

PART VI

OFFICIAL RECEIVER IN BANKRUPTCY

AND COMPANIES WINDING UP

Explanatory

108. The Bankruptcy Ordinance and the Rules made thereunder follow with some variations the English Bankruptcy legislation. The law relating to the winding up of companies by the Court is contained in the Companies Ordinance and the Companies (Winding-up) Rules made thereunder, which are based respectively on the Companies Act 1929, formerly in force in Great Britain, and the Winding-up Rules thereunder.

New Cases

109. Sixteen Bankruptcy Notices were filed, and fifteen bank- ruptcy petitions presented during the year, the latter figure being twenty-three less than in 1965-66. With two petitions pending from 1965-66 there were accordingly in all seventeen petitions before the Court. Seven Receiving Orders were made, eight petitions were withdrawn, one petition was dismissed, and one petition was pending at 31st March 1967. One of the cases in which a Receiving Order had been made was not proceeded with pending disposal of an application to rescind the Receiving Order. Adjudication Orders were made in six of the 1966-67 cases, and the Official Receiver was appointed Trustee in all of these. Four other Adjudication Orders were made relating to 1965-66 cases, in three of which the Official Receiver was appointed Trustee. In the remaining case an outside Trustee was appointed, this being only the second such appointment since 1959.

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110. There were twenty-six petitions for the compulsory winding- up of companies, seven more than in 1965-66. To these twenty-six there fell to be added five pending from 1965-66, making in all thirty- one petitions before the Court. Two were dismissed by consent, two were withdrawn, and six were pending at 31st March 1967. Winding-up orders were made in the remaining twenty-one cases, and the Official Receiver was appointed Liquidator in all but one of these.

111. Table XXI shows the estimated assets and liabilities in the seven bankruptcies and twenty-one compulsory liquidations in respect

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