Under the Bankruptcy Ordinance, anyone who is insolvent can apply for bankruptcy. The application for bankruptcy can also be divided into active and passive. Once the debtor knows that it is difficult to repay the debt, he can submit a bankruptcy petition to the court to collect and realize all assets. If you really go to this desperate time, filing for bankruptcy may solve your financial difficulties, and this article will introduce the relevant procedures for filing for personal bankruptcy.
Filing for personal bankruptcy proceedings
Once the debtor chooses to file for bankruptcy because of inability to pay the debt, the debtor can take the initiative to file for bankruptcy proceedings. The following is an introduction to the relevant procedures for filing for bankruptcy:
- Complete the “Bankruptcy Petition” and pay HK$8,000
First, the bankruptcy applicant needs to fill out the “Debtor’s Bankruptcy Petition” (hereinafter referred to as the petition) in Form 3 of the Bankruptcy (Forms) Rules and the “Statement of Assets and Liabilities” in Form 28C in either Chinese or English to explain itself financial situation and petition.
After that, the bankruptcy applicant must bring the above-mentioned completed relevant documents to the reception desk of the Official Receiver’s Office, 66 Queensway, Government Offices to submit the bankruptcy application and pay HK$8,000 as the paying party or trustee, the fees, and expenses it will incur.
2.) Witness and oath
The debtor will then be required to witness and swear the completed petition before the Registrar of the High Court or an authorized officer of the Official Receiver’s Office.
However, it should be noted that the daily quota for witnessing is only 50 (10:00 am to 12:00 noon: 25, 2:00 pm to 4:00 pm: 25), and the ORO will provide witnesses on a first-come, first-served basis Serve.
3.) File a case and obtain a bankruptcy case number
After taking the oath, the debtor, together with the documents and the deposit receipt issued by the Official Receiver’s Office (the court fee of HK$1,045), can make payment at the Accounting Department of the High Court, and go to the counter to obtain the bankruptcy case number, file the case, and obtain the hearing date, time. In addition, the petition and statement of assets and liabilities should be photocopied and formally submitted.
4.) Attend the hearing
After obtaining the bankruptcy number, the debtor should attend the hearing on the date and time specified above.
5.) Bankruptcy order issued, initial meeting with trustee
After that, the debtor will wait for the court to issue a bankruptcy order. Once the bankruptcy order is issued, the debtor is obliged to contact the department or the trustee as soon as possible, make an appointment for the initial meeting and arrange the transfer of assets, complete the preliminary questionnaire and monthly income and expense assessment form, and finally file the bankruptcy order.
The above information is for reference only. If you have any questions about personal bankruptcy or accounting, we welcome your inquiries.