Registrar-Generals-Department-Annual-report-1972-1973 — Page 52

(C.T.) Account. The funds held at the end of the year totalled $4.32m., excluding $15.57m. in the Canton Trust liquidation.

142. 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 $48,300 were received from liquidators in voluntary liquidations in respect of undistributed or unclaimed assets, and sums totalling $4,000 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 $151,000 in respect of voluntary liquidations and $82,000 in respect of com- pulsory liquidations were still held in the Companies Liquidation Account. Undistributed funds in voluntary liquidations and compulsory liquidations amounted to $437,500 and $3.61m. respectively.

Fees

143. The Official Receiver's fees charged during the year totalled $261,225 as follows:

Bankruptcy

Companies Liquidation

$116,660

144,565

$261,225

This was $144,948 more 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.

PART VII

OFFICIAL TRUSTEE, JUDICIAL TRUSTEE AND

OFFICIAL SOLICITOR IN LUNACY

Explanatory

144.

The Official Trustee's functions are laid down in Part VII of the Trustee Ordinance and the Administration of Trust Fund Rules

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