No.
123
518
134. From the following breakdown of debts due at the commence- ment of the liquidation, it will be seen that of the original 2,347 debts 930 are still outstanding. In many of these cases, however, partial recovery has been effected or payments are being made on account.
Classification by Amount or Nature of the Debt
Less than $2
$2 to $999
Number and Total outstanding at
Number and Total Amount of Debts as
at 12th May 1965
31st March 1972
$
No.
$
...
175,000
263
104,000
$1,000 to $4,999
687
1,787,000
230
402,000
$5,000 to $9,999
272
1,904,000
96
438,000
$10,000 to $19,999
181
2,584,000
68
752,000
$20,000 to $49,999
206
6,461,000
91
1,959,000
Exceeding $50,000
274
131,908,000
164
51,320,000
Staff Housing Loans
49
...
2,281,000
12
384,000
Special Accounts not ne-
cessarily representing
recoverable debts
37
1,153,000
6
335,000
Insurance Accounts
omitted from State-
ment of Affairs
3,000
2,347 $148,253,000
930 $55,697,000
135. From the foregoing it will be seen that this liquidation still remains very active after almost seven years, with much yet to be done.
136. Once again the Liquidator records his appreciation of the valuable advice and assistance freely given by the four members of the Committee of Inspection, and of the continued invaluable help received from the firm of Chartered Accountants appointed to assist in this liquidation.
The Ming Tak Bank
137. As stated in previous Reports this Bank, which collapsed in January 1965, had assets consisting mainly of land and multi-storey buildings. During the year, one property at Austin Road was sold by public auction at $1.12m., and ten residential flats were sold at revised prices agreed by the Committee of Inspection for a total of $795,600. All the unsold flats and commercial units have been leased with rents at end-March 1972 totalling approximately $77,000 per month, an increase of about 10% over last year's figure. Out of the year's receipts,
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