ENG-1975 — Page 53

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Bankruptcies and Liquidations

INDUSTRY AND TRADE

In Hong Kong the number of business failures leading to formal insolvency proceedings in court is always comparatively small in relation to the total number of businesses closing down. The number of insolvencies coming before the court in 1975 was the largest in any year since the war. There were 71 petitions in bankruptcy and 95 petitions for the compulsory winding-up of companies, and the court made 44 receiving orders and 68 winding-up orders. As in past years, the Official Receiver was appointed trustee or liquidator in almost every case. Assets realised by the Official Receiver during 1975 amounted to about $23 million. In addition to these compulsory windings-up, 351 companies went into voluntary liquidation during the year 339 by members' voluntary winding-up and 12 by creditors' voluntary winding-up.

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