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This law provides solutions for individuals or corporations that are unable to meet their financial obligations. The Bankruptcy Ordinance (Cap 6) governs this issue in Hong Kong, including Admiralty. A debtor can apply for bankruptcy, or a creditor owed no less than HKD10,000 can petition the court for a debtor's bankruptcy. Once someone is declared bankrupt, the Official Receiver’s Office administers their estate and may distribute any realizable assets among creditors.
If you're facing severe financial distress, a bankruptcy lawyer can guide you through the legal complexities of the process. They can help file bankruptcy petitions, negotiate with creditors, or assist with asset protection strategies. Businesses seeking to restructure their debts can also benefit from legal advice. Moreover, if a creditor has petitioned you into bankruptcy, an attorney can defend your case in court.
Key aspects of Admiralty bankruptcy laws include: debtors must be domiciled or own assets in Hong Kong; the bankruptcy period lasts 4 to 5 years (unless discharged earlier by the court); the bankrupt’s conduct, affairs, and property are investigated by a trustee or the Official Receiver; a bankrupt’s assets are shared among creditors; and a discharge from bankruptcy releases a debtor from most of the debts.
Except for items necessary for basic domestic needs and employment, all assets are transferred to the trustee for the benefit of creditors. This includes any property you acquire before your discharge from bankruptcy.
Yes, becoming a bankrupt can limit your employment opportunities. Particularly, you might be barred from holding public offices or positions involving financial matters.
Yes, bankruptcy records are public and can have an impact on your credit history and future ability to borrow money.
Yes, you may travel. However, you must inform your trustee of any changes in your contact details or if you will be away for a month or more.
Most unsecured debts, with few exceptions such as court fines, can be cleared after successfully completing your bankruptcy process.
For additional information or support, you can check the statutory laws of Hong Kong, particularly Bankruptcy Ordinance (Cap 6). The Official Receiver's Office and the Hong Kong Judiciary's website provide comprehensive information about the bankruptcy process, forms, and fees.
If you need legal assistance in bankruptcy, contact a reputable lawyer who specializes in bankruptcy cases as soon as possible. Gather all relevant documentation, such as bank statements, details about your income, debts, and assets for your initial consultation.
