ENG-1967 — Page 107

INDUSTRY AND TRADE

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and with the registration of limited partnerships, Chinese partner- ships and money-lenders.

BANKRUPTCIES AND LIQUIDATIONS

In Hong Kong the number of business failures in which creditors resort to formal insolvency proceedings in court is always compara- tively small in relation to the total number of businesses closing down. Nevertheless, during the year 27 petitions in bankruptcies and 38 petitions for the winding up of companies were presented to the court, and the court made 20 receiving orders, three orders for the administration in bankruptcy of the estates of deceased debtors, and 23 orders for the winding up of companies. For many years past the Official Receiver has become trustee or liquidator in almost every case, and this was so again in 1967, during which the assets realized by the Official Receiver amounted to approximately $10,386,000 including $8,371,000 realized for two banks which failed in 1965. In addition to the foregoing compulsory windings up, 129 companies went into voluntary liquidation during the year, 119 by members' voluntary winding up and 10 by creditors' voluntary winding up.

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