《IVA》   《Bankruptcy》
  Prior Application:    
Stable occupation and income. Lack of repayment ability.
  Applying Period:  
Provide current debts situation. Reasonable explanation on the asset transfers in recent years.
May need to explain the reason for the new loans. May need to bear the legal responsibility for the new loans he / she got within the recent 1/2 year.
  Execution Period:  
No bankruptcy record. Will have the bankruptcy record.
Nominee manages the repayment matters. The case insolvency officer will monitor the debtor’s daily life.
Make a fixed monthly payment, can use the remaining amount from the income. Basic necessity expenses will be deducted Basic necessity expenses will be deducted be managed by the case insolvency officer for the debts payment.
Will not notify the employer and impact his / her occupation. Current occupation may have impact.
Can still be a management member of a company. Cannot be a management member of a company.
Can continue his / her own business Cannot run any business
Can keep his / her professional qualification or license. Cannot keep his/her professional qualification or license.
Most of the applicant can keep his / her own properties. Property will be taken over and re-sold by Official Receiver’s Office
Can keep or open bank accounts Can only keep one bank saving account
Can continue to contribute to the insurance policy. Required to stop contributing insurance policy.
To avoid further loan According to the ordinance, the applicant borrows more then HK$100, he / she needs to declare his / her bankruptcy status.
Have the freedom of going aboard and re-entry Hong Kong. Going aboard restriction. Need to get the consent from the case insolvency office and approval for the itinerary.
Can go traveling on his / her own cost. Cannot go traveling on his / her own cost.
Generally last for 3 to 7 years, depending on the debt and repayment amount. Generally last for 4 years, can extend to 8 years, depending on the disciplines during the period of bankruptcy.
If required by the creditors, nominee can submit the debtor’s repayment report. Need to submit a yearly detailed income and expenses report to the case insolvency office.
  After execution    
No bankruptcy record. Less impact on credit rating. Bankruptcy record will be kept permanently. Serious impact on credit rating.