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Role of the Official Receiver's Office in Insolvencies

The role of the Official Receiver's Office in personal and corporate insolvencies is to ensure that the insolvency service it provides in Hong Kong is of a high quality, on a par with international standards and that the legislation is commensurate with the objective of keeping Hong Kong to the forefront as a major international financial centre.

The Official Receiver's Office, which is organized into three main Divisions: Case Management, Legal Services, Financial Services, has the following major functions:

• provides insolvency management services when appointed by the Court and creditors to act as trustee or as liquidator; realizes assets of insolvent companies and bankrupts, investigates and agrees on creditor's claims; distributes proceeds
• acts as trustee or liquidator of last resort in small cases
• investigates the affairs of bankrupts, directors and officers of insolvent companies; reports to the Court on causes of business failures; takes action on prosecuting persons for insolvency offences
• monitors the conduct of private insolvency practitioners, invests funds, audits accounts and investigates complaints against liquidators and trustees
• reviews and proposes changes to laws, policies and procedures relating to insolvency issues, and liaises with international insolvency agencies
• provides support to other Government Departments and statutory bodies involved in insolvency matters