• Bankruptcy has many disadvantages: see Bankruptcy Disadvantages. It is a last resort to relieve your personal debts.
• Banks and finance companies offer DRP as an option to debtors to solve their debt problems.
• DRP can help to lower the interest rate in your credit card accounts and personal loan accounts
• DRP can lengthen your repayment period to enable you to repay less in a month
• Less repayment in a month allows you to maintain your reasonable living condition and daily needs.
• Avoid going bankrupt.

Call Our Insolvency Practice Partner  for brief & straight advice : 68896880 Ricky Wan.

• must inform the lender his bankrupt identity when borrowing a sum over $100
• bad credit rating even after bankrupt discharge
• cannot live in extravagance during bankruptcy period
• must pay to the estate's Trustee the money in excess of the living expenses
• some professional qualifications have to be suspended from practice
• not permitted to travel for vacation on own money
• life policy cash value be surrendered to the estate to become asset for paying to creditors
• giving to the Trustee/Official Receiver a good account of the financial position before bankrupt
• explain to the Trustee/Official Receiver  "unfair preference", if any
• explain to the Trustee/Official Receiver  "transactions undervalue or gifts" made prior to bankruptcy

• Partner 
• Solicitor Hong Kong 
• Member, Law Society of Hong Kong 

Capabilities:

• Handled extensively on bankruptcy & debt restructuring matters for personal debtors
• Helped multi-national clients to solve their debt problems such as credit cards and personal loans
• Highly skilled and wide experience in negotiation with banks and financial companies for debt settlement and debt restructuring
• Over 7 years of experience in personal insolvency matters especially on bankruptcy and DRP

This is one of the disadvantages in bankruptcy and all bankrupts intending to go bankrupt must take note of this law.

1. Subject to this section and sections 51 and 51A, where a debtor is adjudged bankrupt and he has at a relevant time (defined in section 51) entered into a transaction with any person at an undervalue, the trustee may apply to the court for an order under this section.
2.  The court shall, on such an application, make such order as it thinks fit for restoring the position to what it would have been if that debtor had not entered into that transaction.
3. For the purposes of this section and sections 51 and 51A, a debtor enters into a transaction with a person at an undervalue if-

• he makes a gift to that person or he otherwise enters into a transaction with that person on terms that provide for him to receive no consideration;
• he enters into a transaction with that person in consideration of marriage; or
• he enters into a transaction with that person for a consideration the value of which, in money or money's worth, is significantly less than the value, in money or money's worth, of the consideration provided by the debtor.

This is one of the disadvantages in bankruptcy and all bankrupts intending to go bankrupt must take note of this law.

1. Subject to this section and sections 51 and 51A, where a debtor is adjudged bankrupt and he has at a relevant time (defined in section 51) given an unfair preference to any person, the trustee may apply to the court for an order under this section.
2. The court shall, on such an application, make such order as it thinks fit for restoring the position to what it would have been if that debtor had not given that unfair preference.
3. For the purposes of this section and sections 51 and 51A, a debtor gives an unfair preference to a person if-
   1. that person is one of the debtor's creditors or a surety or guarantor for any of his debts or other liabilities; and
   2. the debtor does anything or suffers anything to be done which (in either case) has the effect of putting that person into a position which, in the event of the debtor's bankruptcy, will be better than the position he would have been in if that thing had not been done.
4. The court shall not make an order under this section in respect of an unfair preference given to any person unless the debtor who gave the unfair preference was influenced in deciding to give it by a desire to produce in relation to that person the effect mentioned in subsection (3)(b).
5. A debtor who has given an unfair preference to a person who, at the time the unfair preference was given, was an associate of his (otherwise than by reason only of being his employee) is presumed, unless the contrary is shown, to have been influenced in deciding to give it by such a desire as is mentioned in subsection (4).
6. The fact that something has been done in pursuance of the order of a court does not, without more, prevent the doing or suffering of that thing from constituting the giving of an unfair preference.

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KOWLOON

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Address: Room 1805, 18/F, Chung Kiu Commercial Building, 47-51 Shan Tung Street, Mong Kok, Kowloon

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Address: Office H, 12/F, Maxgrand Plaza,
3 Tai Yau Street, San Po Kong, Kowloon

NEW TERRITORIES

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Address: Unit 1517-18, Level 15, Tower II, Grand Central Plaza, 138 Shatin Rurul Committee Road, Shatin.

TSUEN WAN, N.T.
Address: Room 2301A-6B & 7A, 23/F, Nan Fung Centre, 264-298 Castle Peak Road, Tsuen Wan

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Address: Rm 701, HSBC Building Yuen Long, 150-160 Castle Peak Road, Yuen Long

TUEN MUN, N.T.
Address: Unit 1, 23/F, North Wing, Tuen Mun Parklane Square, 2 Tuen Hi Road, Tuen Mun, NT

SHEUNG SHUI, N.T.
Address: Rm 1116-7, 11/F, Landmark North, 39 Lung Sum Road, Sheung Shui

TAI PO, N.T.
Address: Shop 74, 1/F, Fortune Plaza, 4 On Chee Road, Tai Po