Registrar-Generals-Department-Annual-report-1967-1968 — Page 45

The Ming Tak Bank

125. This bank collapsed in January 1965 and its affairs have since been in the hands of the Official Receiver as Trustee in Bankruptcy of the sole proprietor. The Bank's assets consist mainly of land and buildings, including four multi-storey buildings, which present problems of management and control for the staff of the Commercial and Personal Division. Owing to the depressed state of the property market, only 18 out of an original total of 199 units in the multi-storey buildings were sold during the year. The total of the sale prices of these units was $719,600, but not all of this amount was received during the year because some of the purchasers are paying by instalments. Other properties were leased for varying periods, the rents amounting in all to approximately $25,000 per month. The Official Receiver, as Trustee in this case, has also a major interest in a limited company which runs a hotel in the New Territories. Despite the effect of the disturbances on the hotel and restaurant business during the year this hotel, which continues in operation under the supervision of the Trustee, made a net profit in 1967 of about $38,000 before payment of interest to Government on a mortgage loan.

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 1968 are set out in Table XXVII. Assets of bankrupt estates produced $1,377,496, and $95,124 was received in bank interest. Payments to preferential creditors and dividends to unsecured creditors amounted to $12,261 and $581,740 respectively, making a total of $594,001. In the Ming Tak Bank case $240,538 was spent on com- pletion of building contracts, $18,760 on minor construction and maintenance, and $261,060 on interest on the Government loans. Expenses of administration of bankrupt estates absorbed $210,533. At the end of the year the assets held by the Official Receiver on account of bankruptcies totalled $12,638,750 including $10,038,000 borrowed for the Ming Tak Bank from the Hong Kong Government, $2,421,152 held in respect of undistributed assets of bankrupt estates, and $156,174 in respect of unclaimed dividends.

39