The Mission of the Official Receiver's Office is to ensure that the insolvency service it provides in Hong Kong is of a high quality on par with International Standards and that the legislation is commensurate with the objective of keeping Hong Kong to the forefront as a major International Financial Centre.
To fulfill our mission, we are committed to maintaining a high standard in insolvency administration when the Official Receiver is appointed to act as trustee/liquidator and also to effectively monitor the conduct of private sector insolvency practitioners by:
- protecting and realising the assets of insolvent estates, adjudicating the claims of creditors and distributing the proceeds to preferential and ordinary creditors in an efficient manner and as soon as practicable;
- investigating the conduct and affairs of bankrupts, directors and officers of insolvent companies;
- prosecuting persons for insolvency offences and applying for disqualification of directors, where appropriate;
- monitoring the conduct of private sector insolvency practitioners in compulsory liquidations and bankruptcies to ensure that they carry out their duties as effectively and expeditiously as possible and, where necessary, taking action against those who are negligent or fraudulent in their case work, including disqualification proceedings;
- ensuring that all private sector insolvency practitioners in compulsory and voluntary liquidations pay funds into the Companies Liquidation Account as soon as practicable after the obligation to do so arises and managing the investment of such funds; and
- keeping under review and proposing any necessary changes to insolvency policy, legislation and practice.