Hong Kong : Bankruptcy (Amendment) Ordinance to take effect on November 1, 2016.
The Bankruptcy (Amendment) Ordinance 2016 (the Amendment Ordinance) will come into operation on November 1, 2016.
The Amendment Ordinance is to amend the Bankruptcy Ordinance (Cap. 6) (BO) to introduce new arrangements to encourage bankrupts to fulfil their obligations in respect of the administration of bankruptcy estate by the trustee-in-bankruptcy and to better protect the interests of creditors. Under the new arrangements, the court will have discretionary power to make an order, on application of the trustee, to the effect that the bankruptcy period of a bankrupt should be treated as not commencing to run if it is satisfied that the administration of the bankrupt's estate has been prejudiced due to the bankrupt's failure to attend the initial interview with the trustee or failure to provide all of the information concerning the bankrupt's affairs, dealings and property as reasonably required by the trustee at the initial interview. The court will take into account all relevant facts and factors, including any representation made by the bankrupt, in making a determination on whether such an order should be made which shall also specify the terms to be complied with by the bankrupt for the bankruptcy period to commence to run. If such order is made, the automatic discharge of the bankrupt (normally four years for first-time bankrupts and five years for repeated bankrupts) will be delayed.
The new arrangements will replace the existing arrangement under the BO where the running of the bankruptcy period of a bankrupt will be suspended automatically under specified circumstances when the bankrupt has left Hong Kong, without regard to whether the bankrupt's absence from Hong Kong has prejudiced the administration of his estate.
[c] 2016 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Oct 29, 2016|
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