Hong Kong Ordinances

BANKRUPTCY ORDINANCE - SECT 6B

Creditor with security

(1) A debt which is the debt, or one of the debts, in respect of which a
creditor's petition is presented need not be unsecured if either-

   (a)  the petition contains a statement by the person having the right to
        enforce the security that he is willing, in the event of a bankruptcy
        order being made, to give up his security for the benefit of all the
        bankrupt's creditors; or

   (b)  the petition is expressed not to be made in respect of the secured
        part of the debt and contains a statement by that person of the
        estimated value at the date of the petition of the security for the
        secured part of the debt.

(2) In a case falling within subsection (1)(b) the secured and unsecured parts
of the debt are to be treated for the purposes of sections  6 to 6C as
separate debts. <* Note - Exp. X-Ref.: Sections 6, 6A, 6B, 6C 


*> (Added 76 of 1996 s. 4)