A:Upon the making of a bankruptcy order, all of your property, wherever it is in the world, including your share of any family home, will vest in your trustee in bankruptcy and will remain vested in your trustee until the administration of your bankruptcy estate has been completed. Discharge from bankruptcy and completion of administration of your estate by your trustee are not the same.
A:In the usual case, if it is your first bankruptcy and if there is full co-operation with the trustee, your bankruptcy period will be 4 years from the date of the making of the bankruptcy order. After 4 years there will be automatic discharge from bankruptcy, unless your trustee or creditors objects to your discharge. A second or subsequent bankruptcy will last for 5 years. An objection by the trustee or one of your creditors, if upheld by the court, may extend your bankruptcy period so that it lasts for a total of 8 years.
Please note that full co-operation with your trustee is necessary for you to be automatically discharged.
A:No, whilst discharge means that you are no longer a bankrupt and are not subject to the restrictions and obligations imposed by the law on a bankrupt, all of your property which vested in your trustee will remain vested in your trustee, who will continue to administer your bankruptcy estate for the benefits of creditors.
Administration of your estate will continue until all of your assets have been distributed amongst your creditors and your trustee has been released.
A:(a) Your share of the property will vest in your trustee in bankruptcy, who will attempt to sell your share of the property and distribute the sale proceeds amongst your creditors. Even if the trustee does not sell the flat or your share in the flat before your discharge, it will remain vested in the trustee after your discharge and your trustee will continue with attempts to sell it.
(b) For sale and purchase of the property vested in the trustee, its price will be determined based on the market value of the concerned property, which may fluctuate.
A:There is no exemption for the family home.
A:Your trustee is entitled to claim such property for the benefit of your creditors as after-acquired property.
A:The trustee will assess how much of your income you should be required to pay to your trustee for the benefit of your creditors. You will be entitled to retain enough of your income to meet your reasonable domestic needs. Your trustee will decide how much that is.
A:In principle, your debts will be met from your property and income. For this purpose, you must hand over all your assets, both overseas and local, to the trustee immediately upon the making of the bankruptcy order. You must also inform the trustee of your income for assessment as mentioned above.
A:The trustee will realise your property in and outside Hong Kong. It is an offence for you to conceal information relating to your property or to fail to deliver your property to the trustee, and you may be liable to be prosecuted. As mentioned above, so long as the property is vested in the trustee, the trustee has the power to continue to administer the property even after your discharge from bankruptcy.
A:Your provident fund is regarded as part of your property, but whether or not it vests in your trustee is subject to provisions of the individual provident fund.
A:The Mandatory Provident Fund Schemes Ordinance provides that any accrued benefits (derived from mandatory contributions) in a registered scheme are excluded from the property of the scheme member for the purposes of the Bankruptcy Ordinance. That said, should there be any payment out of accrued benefits from your MPF during bankruptcy, your trustee is entitled to claim such property for the benefit of your creditors.
A:In general, your pension will cease to be payable upon the making of the bankruptcy order. You may submit an application to the Chief Executive through the Civil Service Bureau for approval of ex-gratia payments. In the event it is approved, the trustee will assess your reasonable domestic needs and if there is any surplus, you will be required to remit to your trustee.
A:The trustee, other than the Official Receiver, is obliged pursuant to section 91 of the Bankruptcy Ordinance to open an account in the name of the bankrupt's estate and pay to the credit of such account all sums which may be from time to time be received by him as trustee.
A:The trustee will investigate all assets disposed of by you prior to the presentation of the bankruptcy petition. It is an offence for you to transfer any of your property with a fraudulent intent, and you may be liable to be prosecuted, and the trustee will have a legal right to recover any unfair preference paid or set aside any transaction made at an undervalue.