Classification by Amount or Nature of the Debt
Number and Total Amount of Debts as at 12th May 1965
Number and Total Outstanding at 31st March 1971
No.
$
No.
$
Less than $2
123
$2 to $999
518
175,000
263
104,000
$1,000 to $4,999
687
1,787,000
297
538,000
$5,000 to $9,999
272
1,904,000
132
698,000
$10,000 to $19,999
181
2,584,000
80
944,000
$20,000 to $49,999
206
6,461,000
106
2,537,000
Exceeding $50,000
274
131,908,000
180
79,919,000
Staff Housing Loans
49
2,281,000
21
674,000
Special Accounts not
necessarily representing
recoverable debts
37
1,153,000
6
533,000
Insurance Accounts
omitted from State- ment of Affairs
3,000
2,347 $148,253,000
1,085 $85,950,000
131. It will be evident from the foregoing that this liquidation is still very active, but that much yet remains to be done.
132. The Liquidator again records his appreciation of the valuable advice and assistance readily given by the four members of the Committee of Inspection, now in their sixth year of unpaid service on behalf of the creditors. Acknowledgment must also be made again of the considerable help received from the firm of Chartered Accountants appointed to assist in this liquidation.
The Ming Tak Bank
133. As stated in previous Reports this Bank, which collapsed in January 1965, had assets consisting mainly of land and multi-storey buildings. Despite the improvement in the real estate market from the point of view of a vendor, only one flat was sold by the Trustee during the year, the Committee of Inspection having advised that the Trustee should wait until the market had further advanced before making renewed efforts to sell the properties. However, one valuable property at Queen's Road Central was sold for $1.9m. by the mortgagee in exercise of its power of sale, thus substantially reducing the principal and interest payable to Government on its loans to the Trustee. Out of income received during the year, another $800,000 was repaid to Government. All the unsold flats and commercial units have been leased with rents
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