dividend had already been paid or there were no assets available for distribution and only formal closure proceedings were required. Two bankrupts were discharged during the year.
The Canton Trust and Commercial Bank, Limited
123. The special unit formed in the previous year to deal with this liquidation continued to operate throughout the year, and was reinforced when the investigation unit, which had been set up to investigate certain aspects of the liquidation, completed its work and was disbanded. The work of the investigation unit had culminated in the prosecution of three directors of the Bank on several charges, including conspiracy to defraud depositors and conspiracy to effect a public mischief. On 28th July 1969 all of the accused were convicted on some of the charges. Two were sentenced to imprisonment for two years and 18 months respectively, while the third was fined $75,000. The trial, which is believed to have been the longest in the legal history of the Colony, spanned a period of 96 days and involved the production of more than 1,000 documents and the calling of 55 prosecutions witnesses.
124. Table XXVI shows the receipts and payments for the year (as well as receipts and payments since the beginning of the liquidation on 12th May 1965), and also contains a limited statement of assets and liabilities as at 31st March 1970. It will be seen that assets realized during the year totalled $10,923,025 as compared with $11,688,015 for the previous year. As before, the major portion of the realizations represented book debts collected, the figure being $8,780,451. This is $1,080,526 down on the corresponding figure of $9,860,977 for the previous year, but realization of land and buildings in completed sales rose from $1,742,333 for the previous year to $1,907,218.
125. As had been hoped, the Liquidator was able during the year to pay a second dividend of 10% to the unsecured creditors (making, with the 25% first dividend already paid, a total of 35% paid to them). Because of the very large number of creditors, payment was effected at a number of payment centres throughout the Colony and was spread over about two months. The Liquidator is greatly indebted to all who rendered assistance by providing premises for use as payment centres and staff to marshal and control the queues of creditors.
126. As in previous years it was necessary to place many cases in the hands of Solicitors and to resort to litigation for the recovery of debts. From the following breakdown of debts due at the commence-
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