WE'VE never walked around a dead bank before, so it was interesting to stroll around the sole remaining office of Bank of Credit and Commerce Hong Kong (BCC) yesterday. When the bank was closed by Banking commissioner David Carse in July 1991, he did more than give KPMG Peat Marwick the job of liquidating it. He also told KPMG it could save cash by borrowing the furniture - trendy stuff which was designed on a worldwide basis for BCC International. When the liquidation nears completion, the furniture will presumably be sold along with the hundreds of filing cabinets which used to stand in BCC's 30 branches and which now hold customer records. There are two interesting financial aspects to the liquidation. One is that many of the cheques sent out haven't been encashed. KPMG's Nick Etches said that so far cheques worth $45 million hadn't been encashed. Of this sum, $15 million worth of cheques were written so long ago that they have been passed on to the official receiver, which sits on the money for another several years and then sends it into government coffers. All the small depositors have received their cash in full and the only cheques sent out, but not cashed, are for quite serious amounts of money: many are for tens of thousands of dollars, which seems a little too much to frame and put on a wall. Another aspect is that by the standards of bank liquidations, this one is being liquidated at a record rate, with 78 cents paid in just 38 months. We bet Standard Chartered couldn't be wound up this fast. The arithmetic is clear: even though professional fees of $730 million have been incurred in liquidation, the liquidators are also collecting serious interest. Paying back more than 100 per cent is possible - though the liquidators stressed the chances were minute. 'I don't want to see the headline 'BCC to pay out more than a hundred cents in the dollar' in the paper tomorrow,' warned Nick's colleague Philip Looney. Still, even the theoretical possibility is an intriguing comment on the necessity of shutting the bank in the first place. Incidentally, there's a wonderful BCC clock in the lobby in the shape of the BCC hexagon logo. If the liquidators are a few thousand dollars short of full payment, they ought to raffle it. Weakly advice IN contrast to firms in Hong Kong, which throw their shareholders an update on their affairs only once a year in the shape of an annual report, the folks at Shanghai Dazhong Taxi have gone weekly. The company, which has issued both A and B shares, has launched a great weekly magazine with a glossy cover which includes share price graphs, homely messages from the management and a list of people who have visited the company, with names and dates. There are also updates about the company's attempt to get into financial services plus an eccentric article aimed at its drivers about what to do if - horrors! - a foreigner gets into the cab. The advice in this article includes, believe it or not, a warning not to be over helpful, like warning customers about slippy pavements. Apparently, foreigners find it disorientating because they're not used to friendly taxi drivers. Fee for all WE reported a few days ago about the strange business down at Redhill Peninsula, where Kai Shing Management was told by the estate owners committee that it was the new property manager - but the former manager, Protech Property Services, disputed the appointment and refused to let the Kai Shing people into the estate. One of the things that the 1,000-plus residents of Redhill Peninsula have been wondering is where to send the cheque for October's management fee, which will total $1.8 million. 'Pay us,' says Protech. 'Pay us,' says Kai Shing. We put it to Kai Shing, a subsidiary of Sun Hung Kai Properties, that irrespective of its legal position, its only expense so far has been to pay security guards to sit outside the estate playing cards. (The guards can do little else as Protech's guards won't allow them in.) Kai Shing also helped the estate owners committee to mount a surveillance operation on Protech's staff in early September, collecting evidence which was later used to sack the rival company. A Kai Shing spokesman said the company intended to receive the management fee, but added: 'If residents do not pay the management fee, I think Kai Shing will not take any further action.' Not exactly pushing hard for payment. True lies WHY people should spend an evening reading Shanghai Commerce 1992-93 is difficult to imagine, but it's easy to understand why they don't want their name published. One page carries a picture of 60-odd party types. The caption heading reads: 'The Discussion of the Principles and Ideological Guidelies for Vitalising the Shanghai Commerce.' At first the reader thought it must have been slip and that the publisher meant to say 'Ideological Guidelines'. Then again, maybe not.