ENG-1970 — Page 90

INDUSTRY AND TRADE

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approval of the Governor in Council must be obtained for transact- ing motor vehicle third party insurance business.

The Companies Registry also deals with the incorporation of trustees under the Registered Trustees Incorporation Ordinance, 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 recourse is had to formal insolvency proceedings in court is always compara- tively small in relation to the total number of businesses closing down. During the year 11 petitions in bankruptcy and 11 petitions for the winding up of companies were presented to the court, and the court made four receiving orders, two orders for the admin- istration in bankruptcy of the estates of deceased debtors and five 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 1970, during which the assets realised by the Official Receiver amounted to approximately $18,100,000. In addition to the foregoing compulsory windings up, 131 companies went into voluntary liquidation during the year, 126 by members' voluntary winding up and five by creditors' voluntary winding up.

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