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1. If a debtor does not want to be bankrupt, then is there any alternative solution?

The debtor can apply for an Individual Voluntary Arrangement ("IVA"). With an IVA, the debtor makes a repayment proposal to the High Court and the creditors. If the IVA proposal is approved by the Court and more than 75% of the creditors in value voting at the creditors’ meeting, then it will legally bind all creditors under section 20H of the Bankruptcy Ordinance.


An undischarged bankrupt can also apply for an IVA because an IVA is not equivalent to bankruptcy.