Dealing with the affairs of a personal insolvency is very different from dealing with the affairs of a limited company. Briscoe Wong Advisory is one of the few firms in Hong Kong who have the practical experience and technical knowledge to act as a Trustee in Bankruptcy. This often happens where a creditor wants the affairs of a bankrupt to be fully investigated and to be satisfied that all the bankrupt’s assets have been properly disclosed.
We have acted as Trustee in Bankruptcy for a number of individuals in Hong Kong. Our role is to realise the debtor’s assets and distribute them to creditors in accordance with their priorities. However more importantly we are often appointed to undertake a thorough investigation of the debtor’s affairs in the hope of uncovering previously undisclosed assets. We have undertaken a number of such investigations which have resulted in significant recoveries for creditors.
We can also act as a nominee in an Individual Voluntary Arrangement (IVA) which are sometimes proposed by directors of groups of companies being restructured as part of a strategy to enable the director to avoid bankruptcy. An IVA is an alternative to bankruptcy which should provide a greater benefit to creditors than bankruptcy. We have been involved in a number of IVAs and are experienced in structuring an IVA to meet the needs of the creditors and at the same time ensuring it is achievable by the debtor.
For more about Bankrupcty procedures in Hong Kong see the following handy guides: