Hong Kong Regulations

BANKRUPTCY (FEES AND PERCENTAGES) ORDER - SCHEDULE SCHEDULE

Caution: This is a past version. See the current version here.

[paragraphs 3 & 4]

TABLE A

Item Description Fee
$ 1. Filing of a declaration by a debtor of inability to pay his debts
....................... 105.00 2. Bankruptcy notice
...........................................................................
......... 220.00 3. Bankruptcy petition
...........................................................................
....... 1045.00 4. Proof of debt above $250, including filing, (other than a
proof for workmen's wages) (L.N. 567 of 1994; L.N. 164 of 1997)
............................................
40.00 5. Petition under section 112
.........................................................................
1045.00 6. (a) Application for an order of discharge, including the expense of
gazetting the date of hearing and the order of the court made on the
application ....
528.00

   (b)  and for each creditor notified (L.N. 164 of 1997)
        ................................ 35.00 7. Search in the Supreme Court
        Registry (other than by a petitioner, trustee, bankrupt or any officer
        of the court) for a document or file referred to or required
        ...........................................................................
        ........................

18.00 8. Office copy of a document, per page or part thereof
.................................... 35.00 9. Allocatur by the Registrar for
any costs, charges or disbursements, for every $100 allowed or part thereof
......................................................................
6.00 10. Application to the Official Receiver for payment of money out of the
Bankruptcy Estates Account (L.N. 567 of 1994; L.N. 164 of 1997) .............
85.00 11. (a) On every payment of money out of the Bankruptcy Estates Account-
on each $1000 or fraction of $1000 to be charged as follows-

   (i)  where the money consists of unclaimed dividends, on each dividend paid
        out
        ......................................................................
50.00

   (ii) where the money consists of undistributed funds or balances, on the
        amount paid out
        ..................................................................
50.00

   (b)  The total fees taken under item 11(a)(ii) shall not exceed $45000 in
        each bankruptcy. (L.N. 164 of 1997)

12. On an application to the court to approve a compositing, a fee computed at
the following rates on the gross amount of the composition-

   (a)  on every $1000 or fraction of $1000 up to $100000
        ............................. 15.00

   (b)  on every $1000 or fraction of $1000 beyond $100000
        ..........................
Provided that where a fee has been taken on a previous application to the
court to approve a previous application to the court to approve a composition,
or where a fee has been paid under item 9 of Table B, seven-eighths of the
amount thereof shall be deducted from the fee payable.
For the purpose of calculating this fee, the gross amount means the amount to
be provided under the terms of the composition for ordinary and preferential
creditors, and for costs, charges and expenses, and for fees and percentages
(other than this fee). 7.50 13. On an application to the court to approve a
scheme of arrangement, a fee computed at the following rates on the gross
amount of the estimated assets (but not exceeding the gross amount of the
unsecured liabilities)-

   (a)  on every $1000 or fraction of $1000 up to $100000
        ............................. 15.00

   (b)  on every $1000 or fraction of $1000 beyond $100000
        .......................... 7.50
Provided that where a fee has been taken on a previous application to the
court to approve a scheme, or where a fee has been paid under item 9 of Table
B, seven-eighths of the amount thereof shall be deducted from the fee payable.
14. On an application for release by a trustee-
for every $1000 or fraction of $1000 of the gross amount of assets realized
and brought to credit
...........................................................................
......

5.00 15. Registration of assignment of book debts under rule 127

   (a)  on producing original assignment, filing attested copy thereof and
        certified translation (when necessary) in the English language,
        including registering and marking original
        ...........................................................

220.00

   (b)  every search or official certificate of the result of a search in one
        name in any register or index in the custody of the Register
        ................................
220.00

   (c)  for every additional name if included in the same certificate
        ................... 110.00

   (d)  for a duplicate copy of a certificate, per page or part thereof
        .................. 35.00 16. Application by a member of the public to
        the Official Receiver for a search on whether a bankruptcy petition
        has been presented against a person or firm (L.N. 223 of 1989; L.N.
        567 of 1994; L.N. 164 of 1997) .............................

85.00 17. Application by a member of the public to the Official Receiver for
issue of a non-bankruptcy certificate for a person (L.N. 567 of 1994; L.N. 164
of 1997)
...........................................................................
...........................

205.00 18. For insertion in the Gazette of a notice relating to bankruptcy
(L.N. 223 of 1989; L.N. 567 of 1994; L.N. 164 of 1997)
................................................
355.00 (L.N. 136 of 1988; L.N. 359 of 1992; L.N. 162 of 1994; L.N. 89 of 1996)

TABLE B

1. On payments made by the Official Receiver into the Official Receiver in
Bankruptcy Account, whether acting as interim receiver, receiver or trustee to
administer a debtor's property, including payments under composition or
scheme, after deducting any sums paid to secured creditors in respect of their
securities, and not being monies received and spent in carrying on the
business of a debtor, a charge of 10%. (L.N. 427 of 1993)

2. (a) On the amount distributed to creditors by the Official Receiver when
acting a trustee under a composition or scheme, a fee of 5%.

   (b)  For the work done by the Official Receiver in connection with a
        composition or scheme, whether or not such composition or scheme is
        approved, a fee of such amount as the court considers reasonable.
        (L.N. 427 of 1993)

3. On the amount paid to preferential creditors or distributed in dividend or
otherwise by the Official Receiver when acting otherwise than as trustee under
a composition or scheme, a charge of 5%.

4. For the Official Receiver acting as interim receiver of the property of a
debtor under section 13, in addition to the percentage chargeable on
realizations, on every order ........................ $1100 and in addition,
where the order is in force for a longer period than 14 days, for every 7 days
after the first 14, and for every fraction of 7 days
............................................ $1100 (L.N. 427 of 1993; L.N. 567
of 1994; L.N. 164 of 1997)

5. For all official stationery, printing and postage within Hong Kong; and to
include notices to creditors of meetings and sittings of the court and room
hire-

   (a)  for a number of creditors and debtors not exceeding 10
        ............................... $670

   (b)  thereafter for every 10 additional creditors and debtors or part
        thereof .......... $670 This fee does not include the charge which may
        be made by the Official Receiver on calling a meeting at the request
        of creditors, for which provision is made in paragraph 6. (L.N. 223 of
        1989; L.N. 427 of 1993; L.N. 567 of 1994; L.N. 164 of 1997)

6. Where the Official Receiver calls a meeting at the request of the
creditors, the costs of summoning the meeting, which shall be deemed to
include all disbursements for stationery, printing and postage within Hong
Kong shall be $1560. Any charge for hiring a room outside the Official
Receiver's Office by reason of the large number of creditors shall be
additional to the said sum. (L.N. 427 of 1993; L.N. 567 of 1994; L.N. 164 of
1997)

7. For the Official Receiver supervising a special manager or the carrying on
of a debtor's business- such amount as the court, on application of the
Official Receiver, may consider reasonable. (L.N. 223 of 1989)

8. Travelling, keeping possession and other reasonable expenses of Official
Receiver-the amount disbursed.

9. On the aggregate amount of the assets realized and brought to credit there
shall be paid-

   (a)  in respect of estates in which the Official Receiver acts as trustee,
        when he accounts to the court under section 78(3);

   (b)  in respect of estates in which the Official Receiver is not acting as
        trustee, when the trustee sends his accounts to the Official Receiver
        under section 93(1), a fee according to the following scale-

        (i)    on the first $500000 or fraction thereof, $100 on every $1000
               or fraction thereof;

        (ii)   on the next $500000 or fraction thereof, $75 on every $1000 or
               fraction thereof;

        (iii)  on the next $4000000 or fraction thereof, $65 on every $1000 or
               fraction thereof;

        (iv)   on the next $5000000 or fraction thereof, $37.50 on every $1000
               or fraction thereof;

        (v)    on the next $40000000 or fraction thereof, $20 on every $1000
               or fraction thereof;

        (vi)   on all further amounts, $10 on every $1000 or fraction thereof:
               Provided that where a fee has been taken on an application to
               approve a composition or scheme of arrangement seven-eighths of
               the amount thereof shall be deducted from the fee.

10. Where the Official Receiver performs any special duties not provided for
under the other paragraphs of this Table-such amount as the court, on the
application of the Official Receiver, may consider reasonable.

11. Notwithstanding the fees and charges prescribed in the foregoing
paragraphs, where the Official Receiver acts as trustee to administer a
debtor's property, the total fees and charges under this Table shall not be
less than $12150. (L.N. 164 of 1997) (L.N. 195 of 1987; L.N. 89 of 1996)

TABLE C [rule 181]

I-Auctioneers

For inventory, valuation, sales by auction or private treaty of assets ......
Such an amount as the Committee of Inspection or the Registrar approves.

II-Architects

   (a)  For valuation of leasehold property, and reporting thereon
        ............. Such an amount as the Committee of Inspection or the
        Registrar approves.

   (b)  Cost of surveys, dilapidations and specifications
        ........................... Such an amount as the Registrar approves.
        The foregoing charges to be in addition to such out-of-pocket expenses
        as may be authorized at the time by the Official Receiver or trustee.

General

An architect or auctioneer who uses his own motor car or motor cycle, instead
of travelling by railway or hired vehicles, shall be entitled if the taxing
officer is satisfied that such user was reasonable to an allowance not
exceeding $1.00 per kilometre.

III-Special manager's and accountant's charges

Where the employment of a special manager or accountant has been duly
sanctioned- For carrying on a business and supervising same and all
accounting, collecting and realizing assets in respect thereof, preparing
balance sheet, investigating accounts, etc. including necessary affidavit
verifying accounts, and stationery
....................................................................

Such an amount as the Committee of Inspection or the Registrar allows.

N.B. Charges will be allowed according to the size, nature and difficulty of
the business or case, the complexity of negotiations, etc., the degree of
responsibility assumed, the special manager's or accountant's normal
professional charges, the salaries paid to his staff, and other similar
considerations. (Enacted 1985)