Bankruptcy expenses:
When debtor submits the bankruptcy application, he / she needs to pay HK$8,650 as well to the Official Receiver's Office for all administrative and other necessary expenditures. According to the ordinance, this deposit should be paid without waiver. Debtor should pay the court fee of HK$1,045 to the High Court for hearing arrangement.
About advertisement Gazette
After bankruptcy is granted, information should be advertised in the Gazette and in two Hong Kong daily newspapers (one Chinese and one English);
Civil Servant
If the bankrupt is a civil servant, the Official Receiver must, under CSR459, inform the Departmental Secretary of the bankrupt’s department, the Civil Service Bureau and the Treasury.
Bankruptcy affects the employment of a bankrupt in certain professions
A bankrupt may not be able to practice in certain professions such as lawyer, estate agent, securities dealer or act as a director of a limited company. The relevant professional bodies should be consulted for further information.
A bankrupt working in the banking sector is required to inform his/her employer under the Banking Ordinance.
What are the grounds for the creditors or the Trustee to object to the automatic discharge?
The creditors or the Trustee may object on the grounds listed in the Bankruptcy Ordinance which includes non-cooperation, unsatisfactory conduct, failure to prepare an annual statement of his / her earnings and acquisition, etc..
Property of Bankrupt
The Official Receiver's Office will take over the assets of the bankrupt. If the bankrupt is living in his / her own property, bankrupt usually is allowed to live there for another 3 to 6 months as the lead time for move out arrangement, it is all depending on his / her situation.
- Will the property of a bankrupt outside Hong Kong be realized?
The Trustee will realize a bankrupt's property outside Hong Kong. It is an offence for a bankrupt to conceal information relating to his / her property or to fail to deliver his / her property to the Trustee, and the bankrupt may be liable to be prosecuted.
- What will happen if a bankrupt transfers his / her assets before bankruptcy?
It is an offence for a bankrupt to transfer any assets with a fraudulent intent, and the bankrupt may be liable to be prosecuted.
- What will happen to the provident fund of a bankrupt?
The provident fund of the bankrupt will be considered as part of the bankrupt's assets subject to the provisions of individual provident fund.
- If a bankrupt is a civil servant, what will happen to his / her pension?
In general, his / her pension will cease to be payable upon the making of the Bankruptcy Order. He / She may submit an application to the Chief Executive through the Civil Service Bureau for approval of ex-gratia payments.
