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