File for a bankruptcy in HK.

[atpehk]

Good day, I am fairly new to HK law and I would like to have some advice regarding filing for bankruptcy in HK. Sadly, I am one of the many businesses that didn't make it in this financial crisis. I have come to a decision to close my company and file for a bankruptcy fom the government . Can someone give me an advice on what procedures are needed and how it may affect me? I am currently employed in a different company while I run my own small business (which will be closed). I have a working visa. Will this affect me in anyway? Thank you all in advice for your insight.

Cheers,

Atphek

[Claire ex-ax]

Read this to get an idea about declaring bankruptcy in HK.
CLIC - Bankruptcy - General Information

[shri]

Take a look at the Winding Up section too.

CLIC - Winding-up of Companies

[shri]

And specific to your question....

CLIC - Bankruptcy Petition, Statutory Demand, Bankruptcy Order - Case Illustration

Mr. T will not be able to act as company director or to practice certain professions such as lawyer, estate agent or insurance agent, etc. If Mr. T works in a private company, then the Official Receiver/Trustee will not approach his employer unless it is necessary for the collection or investigation of his financial information.

[jaykay]

Well firstly did you have permission from immigration to run your own business while you are sponsored by another company? If you did not then bankruptcy will be only one of your problems.

[Crocodile]

Becoming a bankrupt can have negative effects also, so you should get some proper legal advice regarding this. I find it difficult to believe that your debts could be that excessive that you need to declare bankruptcy, even though you have a job. Also, what jaykay said. Good luck.