Unmanageable Debt
Repayments exceed income with no realistic end.
Debt & Insolvency LawDebt Restructuring (IVA)
Debt Restructuring (IVA)
Court-supervised restructuring to avoid bankruptcy
An IVA is a statutory debt restructuring procedure. If creditors holding 75%+ of debt approve, you repay in instalments and avoid bankruptcy.
- Registered Hong Kong solicitors — not agents or debt collectors
- Transparent fees explained upfront
- WhatsApp consultation first, then office meeting
- Experienced in IVA, DRP, IDRP and bankruptcy
For general reference only — not legal advice. Outcomes vary by case.
Are You Facing These Situations?
Multiple Creditors
Credit cards, loans and finance companies pursuing payment.
Legal Documents
Statutory demands, solicitor letters or bankruptcy threats.
How We Can Help
IVA Proposal
Solicitor-nominee submits repayment proposal to creditors.
Creditor Vote
Secure approval from creditors holding 75%+ of debt.
Instalments
Repay in instalments and avoid bankruptcy on completion.
Benefits of IVA
Avoids bankruptcy impact; repay from stable income; restore normal financial life after completion.
An IVA is a statutory debt restructuring procedure where a qualified solicitor acts as nominee to propose a repayment plan to creditors. Compared to bankruptcy, IVA preserves more financial autonomy for those with stable income who cannot repay in full.
Who Is This For?
- Stable income but debt exceeds affordable repayments
- Wishing to avoid bankruptcy impact on credit and qualifications
- Willing to repay in instalments under court-approved plan
What to Prepare
- Full creditor list and monthly repayment records
- Income proof (payslips, tax returns, bank statements)
- Estimated essential monthly living expenses
IVA, DRP or Bankruptcy?
IVA
- Court-supervised; creditor vote required
- 75%+ debt value approval needed
- Typically 3–5 year instalments
- Avoids bankruptcy; more autonomy
DRP / IDRP
- Direct negotiation with banks/finance cos.
- No court approval required
- Aims to reduce interest and extend terms
- IDRP consolidates multiple creditors
Bankruptcy
- Petition filed with the court
- Official Receiver takes control of assets
- Discharge typically after 4 years
- Last resort when restructuring fails
Typical Timeline
Draft proposalApprox. 1–2 weeks
Creditor meetingWeeks after submission
Court approvalAfter creditor approval
CompletionTypically 3–5 years (varies)
Practical Tips & Fees
- IVA requires creditors holding 75%+ of debt to approve — starting early helps secure better terms.
- Avoid unnecessary new borrowing during the proposal period.
- Even with a pending bankruptcy petition, IVA may still be pursued within deadlines.
We offer transparent fees. After your WhatsApp consultation, we explain estimated solicitor fees and disbursements based on case complexity — no hidden charges.
Our Process
1
WhatsApp Consultation
Understand your case in confidence.
2
Legal Analysis
Solicitors assess options and risks.
3
Negotiation or Litigation
Negotiate with parties, insurers or the court.
4
Follow Through
Progress updates until resolution.
Professional Credentials
Statutory Procedures
Proceedings under Hong Kong law and court rules.
Full Assessment
All options assessed before recommending bankruptcy.
Why Choose a Solicitors' Firm?
- Solicitors are regulated by Hong Kong professional bodies
- We can issue formal letters, commence proceedings and attend hearings
- Formal procedures with legally effective documentation
Frequently Asked Questions
Related Services
Contact Us on WhatsApp
Our team at Man Ming Solicitors will assess your case and arrange a meeting.
Room 601, 6/F, Block B, New Mandarin Plaza, 14 Science Museum Road, Tsim Sha Tsui, Kowloon, Hong Kong
Information on this website is for general reference only and does not constitute legal advice. Every case is different — please consult a qualified solicitor.
