Registrar-Generals-Department-Annual-report-1969-1970 — Page 43

Explanatory

PART VI

OFFICIAL RECEIVER IN BANKRUPTCY AND COMPANIES WINDING UP

113. 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

114. Seventeen Bankruptcy Notices were filed, and twelve bankruptcy petitions presented during the year, the latter figure being one less than in 1968-69. With one petition pending from 1968-69 there were thirteen petitions before the Court but this number was in effect reduced to twelve as a result of two petitions being consolidated. Ten Receiving Orders (two in respect of the consolidated petitions) and one Admin- istration Order were made, and two petitions were withdrawn, so that there were no petitions pending at 31st March 1970. Adjudication Orders were made in nine of the 1969-70 cases. The Official Receiver was appointed Trustee in all these cases, and in one case he was appointed Interim Receiver before the making of the Receiving Order. Since 1959 there have been only two cases in which the Official Receiver was not appointed Trustee.

115. There were eighteen petitions for the compulsory winding-up of companies, seven less than in 1968-69. To these eighteen there fell to be added five pending from 1968-69, making in all twenty-three petitions before the Court. Two were dismissed, three were withdrawn, one was adjourned, and four were pending at 31st March 1970. Winding-up Orders were made in the remaining thirteen cases but one order was later set aside. The Official Receiver was appointed Liquidator in eleven cases, and in one case an outside Liquidator was appointed.

116. Table XXIV shows the estimated assets and liabilities in the ten bankruptcies and twelve compulsory liquidations in respect of which

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