Registrar-Generals-Department-Annual-report-1966-1967 — Page 47

details of The Canton Trust and Commercial Bank, Limited, for which a separate account is kept (Table XXIII). Assets of companies in compulsory liquidation produced $1,137,697 and payments to pref- erential creditors and dividends to unsecured creditors amounted to $164,075 and $17,279 respectively. Interest on investments and bank interest totalled $63,038, of which $54,301 was transferred to General Revenue in accordance with Section 294(3) of the Companies Ordinance. Expenses of administration amounted to $200,711, of which $5,500 was attributable to The Canton Trust and Commercial Bank, Limited. Accountants' and auditors' fees of $272,700 and $95,887 respectively in the same case were covered by a transfer of $373,887 from the Companies Liquidation (C.T.) Account. The assets held at the end of the year totalled $1,821,060.

129. Section 285 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 $6,975 were received from liquidators in voluntary liquida- tions in respect of undistributed or unclaimed assets, and sums totalling $29,454 were returned to liquidators or paid to creditors and shareholders who established their right thereto. At the end of the year unclaimed dividends and returns of capital amounting to $323,894 in respect of voluntary liquidations and $19,269 in respect of com- pulsory liquidations were still held in the Companies Liquidation Account.

Fees

130. The Official Receiver's fees and commission charged during the year totalled $125,592 as follows:

Bankruptcy

Companies Liquidation

$ 78,661 46,931

$125,592

This was some $59,000 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.

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