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IVA or Bankruptcy for My Hong Kong Debt? – Anon

“Dear Steve,

English citizen with Hong kong perm residency. Lost job in Aug 2009 in Hong Kong, suffered from severe depression, went back to my parents in the UK, claiming jobseekers allowance since nov 2009, remained unemployed now. When leaving HK, I just left and left credit card bill unpaid. With interest, to date, I owe 185k HKD. I lived in a serviced apartment and have no assets, property, car and no savings as I was living month to month. a debt collector recently Began hassling my cousin, and I have no idea how they got his details. I was working in HK for 4 years, and paid all cc bills in a timely manner during this time. I suddenly lost my job whilst suffering from Depression and suffered a breakdown on my return to the UK. I cut all ties with HK, Inc friends and ran away from my problems. Since this recent call from my cousin, I must face my problems without this affecting him or his family. I have been in contact with the collector, who now have my ph detais in the UK

What are my options if I contact the bank, and try to arrange a repayment schedule? What if they wont accept the amount i can currently pay or if the debt has been referred to an agency and they want the full amount? I won’t be able to pay more then 50 to 60 GBP currently until I find a job and I will need to wire the money to HK. The debt is only with one bank. I will not go back to HK but can I go down the IVA or bankruptcy route via a lawyer I can find on the Internet? and what are the implications if bankruptcy is the only route? I have no savings and my parents cannot bail me out as they are retired. If I go down the iva or bankruptcy route, how much is written off and how long would I need to make payments for? Thank you for any assistance or advice offered.

Anon”

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The Answer

Dear Anon,

I’m so sorry to hear about the situation. I suppose the good news is you had a place to go back to and find shelter so you could begin to recover. I’m assuming you’ve already begun treatment for the depression, if you haven’t yet then contact your local GP and let the NHS help you get that under control.

More good news is that the Hong Kong system is mirrored after the UK debt relief system. You would have both IVA (Individual Voluntary Arrangement) and bankruptcy options available to you. However, based on your current income the bankruptcy option is the most logical. I doubt you would be required to make payments.

it is now time to clean up the HK mess left behind. Please contact a HK Insolvency Practitioner and discuss filing bankruptcy. However you should get right on this, time is of the essence once you leave the country.

For information on bankruptcy in Hong Kong, visit the Official Receiver’s site. The need for the IP in HK is going to be to have someone represent you in your absence.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big Hug!

IVA or Bankruptcy for My Hong Kong Debt?   Anon
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Steve Rhode

    It will depend on specific HK law but in the UK, which operates similarly, the IP can file the entire process without the person returning. Check with more IPs and see if you can find an alternative answer.

  • Anon

    Again, thank you. Sorry for sounding silly, but can the IP also submit my initial bankruptcy papers to the ORO and then application to the High courts? I was told today, that I have to do this step initially and go back to HK.

  • Steve Rhode

    It is possible you could find a Hong Kong insolvency practitioner who can represent you with the High Court without you having to return. You’d need to track one down yourself which I’m sure you can do via the web.

  • Anon

    Thank you for your email Steve. I have been recieiving treatment for my depression since I returned here at my parents request. So is it possible, I can get a representative or must I go back to HK to lodge my bankruptcy personally?

  • Anon

    Thank you for your email Steve. I have been recieiving treatment for my depression since I returned here at my parents request. So is it possible, I can get a representative or must I go back to HK to lodge my bankruptcy personally?

    • http://GetOutOfDebt.org Steve Rhode

      It is possible you could find a Hong Kong insolvency practitioner who can represent you with the High Court without you having to return. You’d need to track one down yourself which I’m sure you can do via the web.

      • Anon

        Again, thank you. Sorry for sounding silly, but can the IP also submit my initial bankruptcy papers to the ORO and then application to the High courts? I was told today, that I have to do this step initially and go back to HK.

      • http://GetOutOfDebt.org Steve Rhode

        It will depend on specific HK law but in the UK, which operates similarly, the IP can file the entire process without the person returning. Check with more IPs and see if you can find an alternative answer.

      • mimi

        Hi Anon,
        I hope your problem has been fixed & settled. Pls let us know whether you got an IP without you going back to Hk for the bankruptcy as I am in a similar situation too.

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