《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.