HDB FLATS - CHANGI VILLAGE ROAD

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.

Prof. S. Jayakumar: 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. The 13 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.

The Member will appreciate that there were a large number of creditors whose claims had to be carefully examined by the Official Receiver so that there could be an equitable distribution of dividends. In determining the dividends the Official Receiver examined the proofs of debts filed by individual creditors as against accounts of the creditors as stated in the books of the Company, outstanding balances in the creditors' accounts as disclosed by a Director of the Company in his statement of affairs filed with the Official Receiver and the statement of balance of accounts prepared by the Commercial Affairs Department.

Mr Teo Chong Tee asked the Minister for National Development whether the Housing and Development Board rental flats at Changi Village Road will be offered for sale.

Mr Lim Hng Kiang: The residents' desires have been noted and HDB will do its best to accommodate the request when planning the subsequent batches under the Sale of Flats to Sitting Tenants Scheme.