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Bankruptcy2020-07-13T12:16:37+08:00

When the debtor submits the bankruptcy order, they are required to pay the bankruptcy administration together with the amount of around $8,650 yuan to pay all expenses for the bankruptcy administration to handle bankruptcy affairs. According to the bankruptcy regulations, this deposit must be paid and cannot be reduced, and the debtor must pay a court fee of $1,045 to the High Court for scheduling hearings.

After the bankruptcy order is issued, the relevant information will be published in the Gazette and two newspapers (one Chinese and one English).
Information for civil servants

According to section 459 of the Civil Service Regulations, if the bankrupt is a civil servant, he must notify his department head secretary, the Civil Service Bureau and the Treasury.

Bankruptee cannot serve in certain industries, such as lawyers, real estate agents, securities dealers, and directors of limited companies. The parties concerned should consult relevant professional bodies for further information. According to the Banking Regulations, bankruptee working in banks must notify their employers.

A creditor or trustee can object to the bankruptee automatic discharge of bankruptcy

Creditors or trustees may raise objections on the grounds that the bankruptee is uncooperative, unsatisfactory behavior, and does not regularly submit annual income reports.

The Official Receiver ’s Office will take over the assets of the bankruptee; if the place where the bankruptee lives is the asset he owns; depending on the circumstances, the bankruptee will generally be able to continue to live there for 3 to 6 months to facilitate the relocation.

  • The bankruptee property outside Hong Kong
    If a bankruptee intentionally conceals his property information (including property outside Hong Kong), it is illegal and will be prosecuted.
  • Bankruptee transfers assets before bankruptcy
    It is illegal for a bankruptee to attempt to transfer assets fraudulently.
  • Bankruptcy provident fund
    Whether the bankruptee provident fund will be withdrawn for repayment depends on the terms of the provident fund. Therefore, the provident fund person must check with the employer’s relevant department for these terms.
  • How to deal with the pension of civil servants
    After the court issues a bankruptcy order, it will stop paying the pension to the bankruptee. Therefore, bankruptee must apply to the Civil Service Bureau for ex-gratia payment

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