Debtor's Bankruptcy Petition
The debtor can file a debtor's bankruptcy petition (Form 3) with the High Court. Under Section 10 of the Bankruptcy Ordinance, a debtor's petition can be filed whether or not the gross amount of indebtedness equals or exceeds $10,000 (unlike the statutory requirement for filing a creditor's petition, whereby the amount of debt must not be lower than $10,000).
- The debtor must file a Debtor's Bankruptcy Petition and a Statement of Affairs with the High Court. The debtor may instruct a lawyer to assist in preparing and filing the relevant documents. The debtor must swear the truthfulness of the relevant petition and statement of affairs in front of a lawyer or a court officer before filing them with the Court.
- The debtor must pay a court fee of $1,045 to High Court and a deposit of $8,000 to the Official Receiver's Office. There is no provision for exemption of this deposit.
- The debtor will be notified of the court hearing date for the petition.
- The debtor must send a sealed copy of the petition and copy of the Statement of Affairs to the Official Receiver's Office.
- At the court hearing (the debtor can be represented by a lawyer), the court may grant a bankruptcy order against the debtor if the debtor has proved unable to repay the debts and there is no reasonable objection raised by the creditor for the granting of an order.