"Transactions at an undervalue" in s.49 Bankruptcy Ordinance
"Unfair preference" in s.50 Bankruptcy Ordinance

Bankruptcy Petition

In Hong Kong, a creditor can petition for bankruptcy against a debtor. However, a debtor stressed by his personal debts, may also make a self-bankruptcy to declare himself bankrupt. The proceedings are in High Court. For a debtor's self-bankruptcy, the petitioner has to pay $1045 as court fee to the Court and $8650 to the Official Receiver as deposit. A petition has to pay his lawyers as legal fee if he seeks to be acted by a lawyer. For total budget, see Costs & Expenses in bankruptcy.

Ground of self-petition

A person who is unable to pay his debts, regardless of the amount, may present a bankruptcy petition. A sworn statement of affairs must be submitted with the petition.

Case No. & Legal representation

The Court will assign a case number with the prefix HCB (meaning a High Court bankruptcy action) on issue of a petition. Unrepresented debtors have to attend the petition in court personally. Debtors represented by lawyers need not appear in Court. 

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