ENG-1978 — Page 55

INDUSTRY AND TRADE

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was appointed trustee or liquidator in almost every case. Assets realised by the Official Receiver during 1978 amounted to some $30 million. In addition to these compulsory windings-up, 396 companies went into voluntary liquidation 381 by members' voluntary winding-up and 15 by creditors' voluntary winding-up.

The Companies (Amendment) Ordinance 1978, which came into force on July 7, included certain amendments relating to liquidations, although these amendments were essentially in the context of protecting the interests of minority shareholders. Likewise, the Companies (Winding-up) (Amendment) Rules 1978, which were made by the Chief Justice on July 18, provided for the procedure applicable to petitions under the new Section 168A of the Companies Ordinance (protection of minority shareholders).

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