To solve this expression, we need to follow the order of operations (PEMDAS - Parentheses, Exponents, Multiplication and Division, Addition and Subtraction).

First, let's simplify the sum inside the parentheses:

11/16 + 3/32 = (11/16) + (3/32)
= (22/32) + (3/32)
= 25/32

Next, let's simplify the multiplication:

(14/15) (5/7) = (145) / (15*7)
= 70 / 105
= 2/3

Now, let's substitute these values back into the expression:

55/48 - 25/32 - 2/3

To subtract fractions, we need a common denominator. The least common multiple of 48, 32, and 3 is 96. We will express each fraction with a denominator of 96:

55/48 = 55/48 2/2 = 110/96
25/32 = 25/32 3/3 = 75/96
2/3 = 64/96

Now we can rewrite the expression with a common denominator:

110/96 - 75/96 - 64/96 = (110 - 75 - 64) / 96 = (35 - 64) / 96 = -29/ 96

Therefore, the final answer is -29/96.