You will find the most standard answer at the Official Receiver’s Office.
https://www.oro.gov.hk/cht/publications/bankguide.htm
Bankruptcy is a statutory procedure under the laws of Hong Kong. It is generally believed that bankruptcy is a negative and irresponsible act. But in fact, it is just the opposite. From the perspective of the Bankruptcy Ordinance itself and the legislative intent, bankruptcy is a form of protection for the livelihood of individuals and families.
It is a legal procedure to protect the debtor from the pressure of debt repayment that would affect the livelihood of the individual and his family members.
The Official Receiver’s Office (ORO) will determine, on a case-by-case basis, a reasonable level of protection for the livelihood of bankrupts whose income falls below this level, and they are not required to repay their debts.
Suitable for unemployed, incapacitated, or some debtors who have reached the point where they cannot pay off their debts, or whose lives are completely affected and who are incapable of seeking other debt solutions such as IVAs, etc.
Our Value at Debt Control
It is important to let you know that the debtor can actually handle the bankruptcy petition on his own without having to pay a fee to an escrow company such as a law firm, accountant or a private organization called an escrow agent. This means that the debtor only needs to pay the bankruptcy office’s filing fee of 8,000 and the 1025 court fee. We need to let you know that the filing process seems to be simple but in fact there are many personal aspects of the impact. The reason is that we want every bankrupt to work and live in peace of mind.
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