Bankruptcy normally lasts for one year. After this time, you'll be 'discharged' from your bankruptcy regardless of how much you still owe. Your discharge could happen earlier if you co-operate fully with the Official Receiver.
Making a bankruptcy order. You apply to the High Court using a 'bankruptcy petition'. A bankruptcy petition is usually presented by a creditor on the grounds that the debtor cannot pay his/her debts.
While it may make an impact on your credit score initially, a bankruptcy allows individuals to recover from their financial situation and start with a clean slate.
Any other matter or application may be heard and determined in chambers unless the judge directs that it be heard and determined in open court.
Bankruptcy commences when the Court makes a bankruptcy order. Following this, all the assets of the bank- rupt, both within and outside Hong Kong, are vested in the provisional trustee/trustee. This includes the accounting books and records in the case of a trading bankrupt.
Is bankruptcy a legal process?
A:Bankruptcy is a legal process by which a debtor who cannot repay the debts may seek as a last resort
The main objective of bankruptcy is to make sure that your assets are shared out fairly and orderly amongst your creditors by your trustee in bankruptcy
2 Q: ,How am I made bankrupt?
What are the bankruptcy (forms) rules?
Bankruptcy (Forms) Rules (Cap
6 sub leg
B) Contents These rules may be cited as the Bankruptcy (Forms) Rules
Subject to the provisions of paragraph (2), the forms in the Schedule where applicable, and where they are not applicable forms of the like character, with such variations as circumstances may require, shall be used
What happens if I file for bankruptcy in Hong Kong?
A:Upon a bankruptcy petition presented by yourself or your creditor, the High Court of Hong Kong can make a bankruptcy order against you
3
Q: ,Who will deal with my case? A:Either the Official Receiver or a private insolvency practitioner may be appointed as your trustee in bankruptcy to deal with your case
Who can file a creditor's petition against a firm in Hong Kong?
creditor’s petition in the firm name may be presented by any partner of the firm, or in the absence of all the partners from Hong Kong by any person having the control or management of the business of the firm
135 Creditor’s petition against firm
Bankruptcy rules hong kong
Tabletop role-playing game
Hong Kong Action Theatre! is a martial arts role-playing game published by Event Horizon Productions in 1996. A revised edition was published by Guardians of Order in 2001.
Central Bank of Hong Kong
The Hong Kong Monetary Authority (HKMA) is Hong Kong's central banking institution. It is a government authority founded on 1 April 1993 when the Office of the Exchange Fund and the Office of the Commissioner of Banking merged. The organisation reports directly to the Financial Secretary.
Hong Kong Action Theatre!
Tabletop role-playing game
Hong Kong Action Theatre! is a martial arts role-playing game published by Event Horizon Productions in 1996. A revised edition was published by Guardians of Order in 2001.
Central Bank of Hong Kong
The Hong Kong Monetary Authority (HKMA) is Hong Kong's central banking institution. It is a government authority founded on 1 April 1993 when the Office of the Exchange Fund and the Office of the Commissioner of Banking merged. The organisation reports directly to the Financial Secretary.
