Which Govt office rules the Finance Company

I have applied for bankruptcy after my husband lost job. At first I applied for IVA as I really wanted to pay my debts but then it could not materialize because both my son and husband jobless. I applied for bankruptcy now. Lawyer filed order. But this Finance company. South China Finance said they are different, I must pay. What do you mean by different?... unlicensed?. triad?. I want to ask which govt rules or issue license to them. Pls help - thanks

All creditors are considered EQUAL in bankruptcy EXCEPT....the government is preferred for their tax position AND if one is secured lender (as an example a bank having a mortgage on your house), then the bank will receive the proceeds of the house before ANYONE...except (you guessed it) the government! A Finance Company is "special" only in their typical poor reputation for bullying and illegal tactics, not in terms of priority of their debt.

"The Money Lenders Unit of the Companies Registrar is responsible for the licensing/registration of money lenders in Hong Kong. A list of the licensed money lenders is available at:



http://www.cr.gov.hk/en/public/docs/ml_list.pdf


Weir & Associates

Solicitors & Notaries

16th Floor Tak Shing House

Theatre Lane

20 Des Voeux Road Central

Central

Hong Kong

Tel : 2526-1767

Fax : 2868-3568

email : weirlaw@hongkonglaw.com

www.HongKongLaw.com/weirlaw

Thank you Weir and Associates for your helpful reply. Sorry for the delay in thanking you as I have been sick for 3 weeks. May I ask to whom I can report regarding this Finance company because they have pestering to pay but the order is already in Court. Pls tell me what to do - Thank you