In Hong Kong, bankruptcy just isn't a readily available possibility 香港破產諮詢中心 for any person facing financial difficulties. Less than Hong Kong laws, the bankruptcy software will involve a list of stringent circumstances and polices, developed to ensure that this major selection is designed less than appropriate conditions. Initially, the applicant should be a person or a company incapable of repaying because of debts. This means that step one in applying for personal bankruptcy is always to reveal that a single's financial circumstance has reached a amount of "inability to repay," generally through the submission of financial statements, a summary of debts, together with other related documentation.
Furthermore, people today or organizations making use of for personal bankruptcy need to have a sensible link to residing or operating a business in Hong Kong. This is simply not limited to Hong Kong long term people or registered providers; non-people and abroad corporations with ongoing economic actions or assets in Hong Kong can also qualify for application. However, this also implies that if an applicant's Most important fiscal actions and belongings can be found outside of Hong Kong, they may have to search for authorized methods regionally.
Ahead of implementing for individual bankruptcy, other non-bankruptcy personal debt restructuring or resolution options, like Unique Voluntary Preparations (IVA) or credit card debt restructuring, must also be regarded as. Hong Kong law encourages debtors to take a look at these different solutions 1st, to stay away from the long-phrase adverse influence on own and enterprise credit history reputations.
