ENG-1982 — Page 65

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INDUSTRY AND TRADE

Bankruptcies and Liquidations

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, but nevertheless it has increased considerably since 1980. During the year there were 142 petitions in bankruptcy and 266 petitions for the compulsory winding-up of companies. The court made 105 receiving orders, four administration orders and 199 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 1982 amounted to $112.7 million. In addition to these compulsory liquidations, 614 companies went into voluntary liquidation – 589 by members' voluntary winding-up and 25 by creditors' voluntary winding-up.

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