Compliance & Enforcement
Compliance & Enforcement
Upon a debtor’s bankruptcy petition presented in March 2023, a bankruptcy order was made against the Defendant in June 2023.
The Defendant disposed of her property in the sum of HK$1,400,000 at an under-market value. It is further discovered that the Defendant disposed the sale proceeds by giving it to third parties.
By fraudulent disposal of the property and its proceeds, the Defendant had prejudiced the interests of the creditors who would have otherwise received dividends towards the debts owed by the Defendant.