CREDIT CONSULTANT (ASIA) PTE LTD (Winding up)

Mr Cheo Chai Chen asked the Minister for Law what was the total asset of Credit Consultant (Asia) Pte Ltd when the Official Assignee and Public Trustee/Receiver took over at its winding-up (No. 229 of 1993); how many debtors have already received their dividends; and how was it assigned to the debtors.

The Parliamentary Secretary to the Minister for Law (Assoc. Prof. Ho Peng Kee) (for the Minister for Law): Sir, when the Official Receiver began administering the affairs of the wound-up company, the assets comprised cash of $12.4 million and some plant and machinery. Following realisation of the assets of the company by the Official Receiver, the total assets available for distribution amounted to $12.8 million.

The Official Receiver pays dividends to the creditors, not debtors, of the wound- up company. As of today, 1,290 creditors have received dividends. Thirteen preferential creditors such as CPF, IRAS and employees of Credit Consultants were paid in full. The first dividend of 30% to 1,277 ordinary creditors was declared on 14th September 1994 and the second and final dividend to them of 11.4% was declared on 3rd August 1995. 3.00 pm

Mr Speaker: Order. End of Question time.

[Pursuant to Standing Order No. 21(3), Written Answers to Question Nos. 13 and 14 on the Order Paper are reproduced in the section, 'Oral Answers to Questions Not Reached' (Cols.1551 - 1552).]