Property of Bankrupt
Q: Will the property of a bankrupt outside Hong Kong be realised?
A: The Trustee will realise a bankrupt's property in and outside Hong Kong. It is an offence for a bankrupt to conceal information relating to his/her property or to fail to deliver his/her property to the Trustee, and the bankrupt may be liable to be prosecuted. When the assets are vested in the Trustee, the Trustee has the power to continue to administer the assets even after the bankrupt's discharge from bankruptcy.
Q: What will happen if a bankrupt transfers his/her assets before bankruptcy?
A: The Trustee will investigate all assets disposed of by the bankrupt prior to the presentation of the bankruptcy petition. It is an offence for a bankrupt to transfer any assets with a fraudulent intent, and the bankrupt may be liable to be prosecuted.
Q: For a flat under the joint name of the bankrupt and his spouse, what will happen to the flat after bankruptcy?
A: Generally speaking, the Trustee will realise the bankrupt's share in the joint property.
Q: What will happen to the provident fund of a bankrupt?
A: The provident fund of the bankrupt will be considered as part of the bankrupt's assets subject to the provisions of individual provident fund.
Q: If a bankrupt is a civil servant, what will happen to his/her pension?
A: In general, his/her pension will cease to be payable upon the making of the Bankruptcy Order. He/She 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 his/her reasonable domestic needs and if there is any balance, the bankrupt will be required to repay his/her debts.
Q: Can a bankrupt buy property such as a flat, a car etc?