Registrar-Generals-Department-Annual-report-1967-1968 — Page 43

Cases Concluded

118. Three cases were concluded, two bankruptcies and one com- pulsory liquidation, and the Official Receiver was duly released from trusteeship and from the office of liquidator.

Previous Cases still Outstanding

119. Eighty-eight bankruptcies, including the eight pre-war cases already mentioned, were carried over from previous years, but in 44 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 68 compulsory liquidations outstanding from previous years, 33 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.

The Canton Trust and Commercial Bank, Ltd.

120. This very large liquidation continued to extend to the full throughout the year the energies of several legal and other officers of the Commercial and Personal Division. Table XXVI shows the receipts and payments for the year (as well as receipts and payments since the beginning of the liquidation), and also contains a limited statement of the assets and liabilities as at 31st March 1968. It will be seen that assets realized during the year totalled $6,308,481, the major portion of which, amounting to $6,167,590, represented book debts collected. Out of the realizations the Liquidator was able to repay a further $5,500,000 to the Government in reduction of the loan of $22,500,000 made by it in 1965-66 to enable a first dividend of 25% to be paid to unsecured creditors, thus reducing the amount due to $4,000,000. Interest paid to the Government in respect of this loan amounted to $526,644.

121. In a year beset with many difficulties, the collection of book debts proved again to be the major task, with scores of larger cases and hundreds of smaller cases being placed in the hands of Solicitors. The action taken resulted unfortunately in a number of bankruptcies and company liquidations. A vast amount of time had to be spent in con- sidering proposals made by debtors and guarantors for payment by instalments, and also proposals for discharging judgment debts. From

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