Hong Kong Ordinances

BANKRUPTCY ORDINANCE - SECT 18

Statement of affairs

(Past version on 01/04/1998).
(Past version on 30/06/1997).

(1) Where a bankruptcy order has been made otherwise than on a debtor's
petition, the bankrupt shall submit a statement of his affairs, which shall be
verified by affidavit, to the trustee not more than 21 days after the day the
order was made.

(2) The statement of affairs shall contain-

   (a)  such particulars of the bankrupt's creditors and of his debts and
        other liabilities and of his assets as may be prescribed; and

   (b)  such other information as may be prescribed.

(3) The trustee may, if he thinks fit- (Amended 18 of 2005 s. 8)

   (a)  release the bankrupt from his duty under subsection (1); or

   (b)  extend the period specified in that subsection, and, where the trustee
        has refused to exercise a power conferred by this section, the court
        may, if it thinks fit, exercise it.

(4) A bankrupt who, without reasonable excuse-

   (a)  fails to comply with the obligation imposed by this section; or

   (b)  submits a statement of affairs that does not comply with the
        prescribed requirements, is guilty of a contempt of court and liable
        to be punished accordingly (in addition to any other punishment to
        which he may be subject).

(5) Any person stating himself to be a creditor of the bankrupt may, on
payment of the prescribed fee, personally or by agent inspect the statement at
all reasonable times and take any copy thereof or extract therefrom, but any
person untruthfully so stating himself to be a creditor is guilty of a
contempt of court and liable to be punished accordingly on the application of
the trustee. (Replaced 76 of 1996 s. 12. Amended 18 of 2005 s. 8)