Credit Intelligence, through its wholly owned subsidiary, HONG KONG INSOLVENCY SERVICE LIMITED, provides bankruptcy administration services to creditors when the value of the bankruptee’s assets are likely to exceed HK$200,000.
Under the Bankruptcy Ordinance, where an individual is unable to pay their debts, they or their creditors may present a petition to court for a bankruptcy order. For cases where the value of assets is likely to exceed HK$200,000, an outside trustee will be appointed to administer the bankruptcy estate upon a bankruptcy order being made. The duty of an outside trustee includes the realisation of assets, monitoring the income and expenses of the bankruptee to ensure that they make reasonable contributions, and making distributions to creditors when there are sufficient funds in the bankruptcy estate.
HKIS provides qualified employees to take up the appointment of outside trustee in bankruptcy cases at the general meetings of creditors. Thereafter they negotiate with creditors and ensure the smooth administration of the bankruptcy estates pursuant to the requirements of the Bankruptcy Ordinance.
Hup Hoe Credit (HHC) is a Singapore licensed moneylender established for the primary purpose of providing personal loans in Singapore and assist with accessible credit to individuals, businessmen and foreigners in Singapore. The company has a team of trusted professionals dedicated to offer the best possible loan services to clients with varying financial needs. With HHC, loans are made easy through a convenient, practical and straightforward loan process.
Since Hop Hoe Credit foundation, its mission is to provide immediate financial solution to those who are in need. The company is committed to provide assistance to individuals and organisations and eventually establish a reliable long-term partnership with its clients. Additionally, HHC makes sure that clients could avail of various Singapore loans with its simple and easy loan application. HHC’s clients are primarily individuals looking for immediate and competitive Singapore loans, entrepreneurs, as well as seasoned investors who want to expand their business and eventually maximise their profits.
A Singaporean credit funding company with a financial technology platform for local small and medium enterprises (SMEs) to access business funding as an alternative source to conventional banking platforms. The company has built up significant experience in the funding industry with a network of financing consultants to provide comprehensive and effective funding solutions for business owners who are in need of instant cash flow, short term loan solutions and those who are unable to take out a traditional loan from banks. ICS Funding offers a simple loan application and approval processes, and a hassle-free experience for all potential clients. It also values clients’ satisfaction and offers them customised loan services with flexible repayment scheme, as well as competitive interest rates to meet their particular needs and budget.
An IVA is an agreement between a debtor and creditors. The debtor agrees to pay all or part of the debts and to make regular payments to an insolvency practitioner known as a nominee. The nominee distributes the funds received from the debtor to the creditors.
Credit Intelligence, through its wholly owned subsidiary, Hong Kong I.V.A. Consultants Limited, provides IVA consultancy services to debtors who wish to avoid bankruptcy and proposal implementation services to the nominees.
An IVA not only helps debtors avoid bankruptcy but also provides relief from the constant demands of creditors. For a creditor, an IVA provides an end to costly enforcement proceedings and delivers certainty on the amount of debt owing.
HKIVA evaluates a debtor’s financial position and then provides them with practical advice. Once the debtor has agreed to proceed, HKIVA arranges the start of the formal legal process, which HKIVA evaluates a debtor’s financial position and then provides them with practical advice. Once the debtor has agreed to proceed, HKIVA arranges the start of the formal legal process, which includes drafting of the IVA proposal, liaising with the relevant creditors and processing the court application. After the proposal has been approved, the nominee is appointed to implement it. HKIVA provides supporting services to the nominees during the implementation period, offering assistance with administration and liaising with the creditors.
The debtor pays HKIVA a pre-determined service fee by instalments at different stages of the application.
Credit Intelligence, through its wholly owned subsidiary, HONG KONG DEBT MANAGEMENT SERVICES LIMITED, provides bankruptcy administration services to creditors when the value of the bankruptee’s assets are likely to exceed HK$200,000.
Under the Bankruptcy Ordinance, where an individual is unable to pay their debts, they or their creditors may present a petition to court for a bankruptcy order. For cases where the value of assets is likely to exceed HK$200,000, an outside trustee will be appointed to administer the bankruptcy estate upon a bankruptcy order being made. The duty of an outside trustee includes the realisation of assets, monitoring the income and expenses of the bankruptee to ensure that they make reasonable contributions, and making distributions to creditors when there are sufficient funds in the bankruptcy estate.
HKDMS provides qualified employees to take up the appointment of outside trustee in bankruptcy cases at the general meetings of creditors. Thereafter they negotiate with creditors and ensure the smooth administration of the bankruptcy estates pursuant to the requirements of the Bankruptcy Ordinance.
The remuneration received for bankruptcy administration services provided by HKDMS is generally based on a fixed percentage on the amount of contributions from the bankrupt estate and proceeds from the realisation of assets. HKDMS also receives a fixed percentage of the bankruptcy distributions. Subject to the available funds of the case, the service fee is not less than HK$30,000.