Bankruptcy

Bankruptcy is generally the worst-case scenario because of its profound impact on a person’s credit record and the restrictions it places on their lives. However, if the debt is really not repayable and the conditions for applying for debt relief (DRP) or individual voluntary arrangement (IVA) are not met, the person will have no choice but to file a bankruptcy petition at the court. The applicant may file a bankruptcy petition on his or her own behalf or by a professional.

Advantages of applying via our agency:

Without having to face the miscellaneous and time-consuming procedures in Court;
Just bring all the documents to the solicitor’s office for processing instead of
waiting at the Official Receiver’s Office and the High Court;
Bankruptcy filing involves extensive paperwork. An experienced person can avoid the delay in the issuance of the Bankruptcy Order due to incorrect documentation;
We provide legal advice on how to meet the Official Receiver’s appointed trustee.

Procedures for filing a bankruptcy petition on your own

  • STEP
    01

  • Complete the form under the “Bankruptcy (Forms) Rules”:

    “Debtor’s Petition for Bankruptcy” and “Statement of conditions of Assets and Liabilities”. (请查一下，又叫”Statement of Affairs”?)

  • STEP
    02

  • Payment of fees:

    Bring the completed forms to the Official Receiver’s Office and pay $8000 to cover the fees and expenses of the bankruptcy proceedings.
    (Monday to Friday, 9:00 a.m. to 4:30 p.m.)

  • STEP
    03

  • Witness:

    Witness the petition application before a solicitor, the Registrar of the High Court or an authorized officer of the Official Receiver’s Office and make an oath in respect of the Statement of conditions of Assets and Liabilities.

    Please note that the Official Receiver’s Office only offers respectively 25 witness services in the morning and in the afternoon. There are a total of 50 seats available on a first-come-first-served basis.

  • STEP
    04

  • Proceed to the High Court

    A) Pay the court fee of $1045 at the Accounts Office with the above documents and the deposit receipt issued by the Official Receiver’s Office.
    BB) Obtain the bankruptcy number at the registry counter
    C) Obtain the date and time of hearing of the Petition
    D) Put the sticky label issued by the Registry on the Petition and fill in the filing date at the relevant section on the form
    E) Make two photocopies (fee payable) of each of the Petition and the Statement of the conditions of Assets and Liabilities at the Registry
    F) Submit two originals of the documents and wait for the Registry to seal two copies of the Petition

  • STEP
    05

  • Proceed to the Official Receiver’s Office:

    Submit a sealed copy of the Petition and a copy of the Statement of the conditions of Assets and Liabilities and obtain the “Preliminary Questionnaire” and the “Monthly Income and Expenditure Assessment Form”

  • STEP
    06

  • Proceed to the High Court on the second occasion:

    To appear at a hearing on the appointed date and time pending the issuance of a bankruptcy order

  • STEP
    07

  • Contact the Official Receiver’s Office or the trustee appointed by the Official Receiver’s Office:

    To make a booking of the initial meetings and arrange for the transfer of assets. To submit the completed Preliminary Questionnaire and Monthly Income and Expenditure Assessment Form at the interview

  • STEP
    08

  • Preparation of Bankruptcy Orders:

    To file a draft bankruptcy order with the Clerk of Master of the High Court Registry. Upon receipt of the first approved draft of the prescription from the Registry, the full three Bankruptcy Orders together with the first approved draft are to be submitted to the High Court Registry for review.

  • STEP
    09

  • Filing Bankruptcy Orders:

    To collect all three bankruptcy orders and submit them to the Senior Judicial Clerk of the High Court Registry for processing. Then submit two sealed copies to the Official Receiver’s Office or the Provisional Trustee