Credit Intelligence, through its wholly owned subsidiary, HONG KONG INSOLVENCY SERVICE LIMITED, provides bankruptcy administration services to creditors when the value of the bankruptee’s assets are likely to exceed HK$200,000.
Under the Bankruptcy Ordinance, where an individual is unable to pay their debts, they or their creditors may present a petition to court for a bankruptcy order. For cases where the value of assets is likely to exceed HK$200,000, an outside trustee will be appointed to administer the bankruptcy estate upon a bankruptcy order being made. The duty of an outside trustee includes the realisation of assets, monitoring the income and expenses of the bankruptee to ensure that they make reasonable contributions, and making distributions to creditors when there are sufficient funds in the bankruptcy estate.
HKIS provides qualified employees to take up the appointment of outside trustee in bankruptcy cases at the general meetings of creditors. Thereafter they negotiate with creditors and ensure the smooth administration of the bankruptcy estates pursuant to the requirements of the Bankruptcy Ordinance.