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Go to the Registry of the High Courtroom and pay a court docket fee of HKD1,045, receive a date for the hearing of the Petition and file the Petition and the Assertion of Affairs.

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Following the making of a bankruptcy order, any creditor of the bankrupt might request the Provisional Trustee to summon a general assembly of the bankrupt’s creditors for the aim of appointing a Trustee.

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However, if in case you have revenue to pay at least one thing to collectors, then you’ll benefit from the additional benefits provided by Chapter thirteen.

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The proceeds from the realisation are then distributed to the collectors (individuals who are owed cash by the debtors) for repaying the relevant debts or part of the money owed.

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When you’re declared bankrupt, the Official Receiver turns into the provisionaltrusteeand has the facility to arrange how your property- in Hong Kong and elsewhere- will be distributed to creditors.

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Many corporations, like United Airways and General Motors, file for bankruptcy and proceed business as ordinary People file for bankruptcy and infrequently emerge in one piece, too.

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California’s largest utility needs to succeed in a settlement with victims of wildfires and other collectors while heading off calls for a state takeover.

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