Registrar-Generals-Department-Annual-report-1966-1967 — Page 46

Bank were completed with financial assistance by Government in the form of building loans totalling $1,700,000. These buildings comprise 120 residential flats and 26 shops and commercial units. Unfortunately, owing to the depressed state of the property market, there was little immediate demand for accommodation in these buildings even at prices considerably lower than those originally planned. However, about $422,000 was realized from the sales of flats in these and other buildings in this bankruptcy. The Official Receiver, as Trustee in this case, has also a major interest in a limited company which owns a hotel in the New Territories. This hotel, which continues in operation under the supervision of the Trustee, made a net profit in 1966 of about $40,000 before payment of interest to Government on a mortgage loan.

125. The public examination of the bankrupt was concluded and a number of suspected bankruptcy offences were revealed. Leave has been obtained from the Court to prosecute the bankrupt for the alleged offences.

126. In this case too the Official Receiver is much indebted to the Committee of Inspection, which met regularly during the year and gave valuable advice and assistance in the administration of the estate. Official Receiver in Bankruptcy Account

127. The receipts and payments for the year and the assets and liabilities as at 31st March 1967 are set out in Table XXIV. Assets of bankrupt estates produced $1,253,006, and $107,001 was received in bank interest. Payments to preferential creditors and dividends to unsecured creditors amounted to $38,749 and $380,278 respectively, making a total of $419,027. In the Ming Tak Bank case $1,485,766 was spent on completion of building contracts, $94,426 on minor construction and maintenance, and $688,350 on interest on the Government loans. Expenses of administration of bankrupt estates absorbed $97,268. At the end of the year the assets held by the Official Receiver on account of bankruptcies totalled $12,283,503 including $9,900,000 borrowed for the Ming Tak Bank from the Hong Kong Government, $2,345,020 held in respect of undistributed assets of bankrupt estates, and $20,620 in respect of unclaimed dividends.

Companies Liquidation Account

128. The receipts and payments for the year and the assets and liabilities as at 31st March 1967 are set out in Table XXV. This Table does not include, except for certain administrative expenses, the

40