auditors' fees of $15,000 for one year in The Canton Trust and Commercial Bank, Limited case were covered by a transfer from the Companies Liquidation (C.T.) Account. The funds held at the end of the year totalled $3.19m., excluding $11.05m. in the Canton Trust liquidation.
141. Section 285 of the Companies Ordinance provides that if, where a company is being wound up, a liquidator has in his hands or under his control any money representing unclaimed or undistributed assets of the company which have remained unclaimed or undistributed for six months after the date of their receipt, the liquidator shall forthwith pay the money into the Companies Liquidation Account. Sums totalling $40,000 were received from liquidators in voluntary liquidations in respect of undistributed or unclaimed assets, and sums totalling $58,700 were returned to liquidators or paid to creditors and shareholders who established their right thereto. At the end of the year unclaimed dividends and returns of capital amounting to $147,000 in respect of voluntary liquidations and $65,500 in respect of compulsory liquidations were still held in the Companies Liquidation Account. Undistributed funds in voluntary liquidations and compulsory liquidations amounted to $387,700 and $2.57m. respectively.
Fees
142. The Official Receiver's fees charged during the year totalled $116,277 as follows:
Bankruptcy
...
Companies Liquidation
4
$ 62,051
$ 54,226
$116,277
This was $164,898 less than in the previous year. The fees collected in a year, however, are not a reliable index to the amount of work during that year, for by the nature of things they include fees in respect of work done in previous years and do not include many fees payable in respect of current cases.
Explanatory
143.
PART VII
OFFICIAL TRUSTEE, JUDICIAL TRUSTEE AND OFFICIAL SOLICITOR IN LUNACY
The Official Trustee's functions are laid down in Part VII of the Trustee Ordinance and the Administration of Trust Fund Rules made
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