Summary
Filing for bankruptcy in Hong Kong typically takes 4-6 months for a court order. Company liquidation usually takes 6-12 months, depending on complexity. For a Debt Relief Plan, you need recent pay slips, bank statements, and tax returns. If youre the sole director and file for bankruptcy, you must resign, potentially leading to liquidation. Business loans must be repaid, and personal guarantees can be invoked if the company defaults.Full Conversation
If I file bankruptcy in Hong ****ong, how long I have to wait
After filing for bankruptcy in Hong ****ong, the court typically takes around * to 6 months to grant a bankruptcy order. However, this duration can vary based on the specifics of your case.
If company go liquidated how long does it take
The liquidation process in Hong ****ong typically takes about *-12 months. However, it can take longer if the company's affairs are complex. Factors that can affect the timeline include the size of the company and the nature of its assets and liabilities.
If I want debt relieve plan, what kind of income proof
In Hong ****ong, to apply for a Debt Relief Plan, you may need:
- Recent pay slips
- Bank statements
- Tax return documents
This could vary depending on your specific circumstances.
If after filing bankruptcy I cannot be director of my limited company, what will happen to my limited company if I am only the sole director
If you're the sole director of a limited company in Hong ****ong and you file for bankruptcy:
- You'll need to resign as director immediately.
- The company may be liquidated if no new director is appointed.
- If liquidated, the company's assets will be used to pay off its debts.
If there’s business loan in my company, what will happen
If your company in Hong ****ong has a business loan and you file for bankruptcy:
- The loan must still be repaid.
- If the company is liquidated, the proceeds are first used to repay the loan.
- If not enough, personal guarantees (if any) can be invoked.
But I am the personal guarantor for the business loan
As a personal guarantor for a business loan in Hong ****ong, if the company cannot repay the loan:
- The lender can demand you to repay it.
- If you're bankrupt, the loan could be included in your bankruptcy estate.
- This could impact your bankruptcy discharge.
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