IVA & Bankruptcy Comparison

IVA & Bankruptcy Comparison

IVA
Suitable for those who have stable income
Provide documents on asset and debt
Avoid damaging your reputation of being a bankrupt
Avoid all the restrictions of being a bankrupt
Minimise impact on your job or any professional certificates
Will not inform your employer
Can keep your property
Can keep and apply for bank accounts
Able to continue insurance contributions
No limitation on departure
Repayment plan lasts for 3 to 7 years, depending on income & debt ratio
Fixed monthly repayment amounts, periods and rates
Monitor by nominee
Bankrupt
Suitable for those with lack of ability to make repayments
Explain (if there is) any asset transfer in recent years
Affecting credit ratings seriously
Many restrictions
May affect current employment
Unable to operate any businesses
Losing professional certificates
Properties will be sold by Official Receiver’s Office
Unable to continue insurance contributions
Need to report for departure
Bankruptcy order lasts for 4 years, and can be extend to 8 years
Apart from basic living expenses, all your income has to be contributed to repayments
Monitor by Trustee in Bankruptcy
IVA
Suitable for those who have stable income
Provide documents on asset and debt
Avoid damaging your reputation of being a bankrupt
Avoid all the restrictions of being a bankrupt
Minimise impact on your job or any professional certificates
Will not inform your employer
Can keep your property
Can keep and apply for bank accounts
Able to continue insurance contributions
No limitation on departure
Repayment plan lasts for 3 to 7 years, depending on income & debt ratio
Fixed monthly repayment amounts, periods and rates
Monitor by nominee
Bankrupt
Suitable for those with lack of ability to make repayments
Explain (if there is) any asset transfer in recent years
Affecting credit ratings seriously
Many restrictions
May affect current employment
Unable to operate any businesses
Losing professional certificates
Properties will be sold by Official Receiver’s Office
Unable to continue insurance contributions
Need to report for departure
Bankruptcy order lasts for 4 years, and can be extend to 8 years
Apart from basic living expenses, all your income has to be contributed to repayments
Monitor by Trustee in Bankruptcy

IVA & Bankruptcy Comparison

IVA
Suitable for those who have stable income
Provide documents on asset and debt
Avoid damaging your reputation of being a bankrupt
Avoid all the restrictions of being a bankrupt
Minimise impact on your job or any professional certificates
Will not inform your employer
Can keep your property
Can keep and apply for bank accounts
Able to continue insurance contributions
No limitation on departure
Repayment plan lasts for 3 to 7 years, depending on income & debt ratio
Fixed monthly repayment amounts, periods and rates
Monitor by nominee
Bankrupt
Suitable for those with lack of ability to make repayments
Explain (if there is) any asset transfer in recent years
Affecting credit ratings seriously
Many restrictions
May affect current employment
Unable to operate any businesses
Losing professional certificates
Properties will be sold by Official Receiver’s Office
Unable to continue insurance contributions
Need to report for departure
Bankruptcy order lasts for 4 years, and can be extend to 8 years
Apart from basic living expenses, all your income has to be contributed to repayments
Monitor by Trustee in Bankruptcy
IVA
Suitable for those who have stable income
Provide documents on asset and debt
Avoid damaging your reputation of being a bankrupt
Avoid all the restrictions of being a bankrupt
Minimise impact on your job or any professional certificates
Will not inform your employer
Can keep your property
Can keep and apply for bank accounts
Able to continue insurance contributions
No limitation on departure
Repayment plan lasts for 3 to 7 years, depending on income & debt ratio
Fixed monthly repayment amounts, periods and rates
Monitor by nominee
Bankrupt
Suitable for those with lack of ability to make repayments
Explain (if there is) any asset transfer in recent years
Affecting credit ratings seriously
Many restrictions
May affect current employment
Unable to operate any businesses
Losing professional certificates
Properties will be sold by Official Receiver’s Office
Unable to continue insurance contributions
Need to report for departure
Bankruptcy order lasts for 4 years, and can be extend to 8 years
Apart from basic living expenses, all your income has to be contributed to repayments
Monitor by Trustee in Bankruptcy

Contact Us

Bankruptcy Administration

Address: 4th Floor, Double Building, 22 Stanley Street, Central, Hong Kong [MTR: Central Station, Exit D1]
Tel: 2523 9308
Fax: 2523 4159

IVA (Individual Voluntary Arrangement)

Address: 5th Floor, Double Building, 22 Stanley Street, Central, Hong Kong [MTR: Central Station, Exit D1]
24 Hours Enquiry Hotline: 6106 0330
Whatsapp: 6106 0330
Wechat: 6106 0330
Email: [email protected]

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