About Lo Yip Tong, a Nominee

We provide IVA Nominee Services

Y. T. Lo & Co. is a firm of Certified Public Accountants (CPA). It has the history back to 1991. In recent years, Hong Kong suffers from economic downturn which results in high unemployment, slash on wages and personal debt problems. Since March 2002, Y. T. Lo & Co. has been offering Nominee service to Individual Voluntary Arrangements ("IVA") referred by law firm, Yip, Tse & Tang. Such Nominee service is rendered pursuant and according to the provisions on IVA in the Bankruptcy Ordinance (Cap.6 Laws of Hong Kong).

Nominee is an independent professional wholly responsible for the implementation and administration of a voluntary arrangement under the Court's supervision. He is required to be familiar with the laws (in terms of the statutes, rules, regulations, case laws) and the code of ethics by being a professional insolvency practitioner. We are required to be independent, prudent, well-experienced, knowledgeable, responsible and having integrity.

Mr. Lo Yip Tong, Tom is the principal of Y. T. Lo & Co. and is highly experienced in personal insolvency. They have assisted a large number of debtors on drafting compromise proposals. More than 800 cases have been submitted to the Court for Interim Order and creditors' meetings have been summoned. Tens of millions of debts have been restructured by IVA and are under his supervision and repayment distribution. Millions of dollars are paid to the banks and finance companies each month through him.

The Nominees also perform the function as supervisors to the IVA and are responsible for the implementation and supervision of the arrangements. Over 800 voluntary arrangements have also been approved in creditors' meetings . Their implementation is now under their supervision.

IVA are very complicated proceedings and process. The High Court of HKSAR exercises a very close supervision over the arrangements pursuant the Bankruptcy Ordinance and the Bankruptcy Rules. We understand the responsibility of a nominee in full. According to A Debtor (No.222 of 1990), Re, ex p. Bank of Ireland (No.2) [1993] BCLC 233, the Court has ruled that "where the nominee has fallen so far short of the professional standard expected of him, the Court can require him to pay the costs of the legal proceedings which arise as a result of the inadquate discharge of his duties." Besides, as a Chairman by default to the creditors' meeting, the nominee's decision at the meeting may be subject to a creditor's challenge under section 20J of the Bankruptcy Ordinance on grounds of unfair prejudice or material irregularity.

Profile of Y. T. Lo & Co. Certified Public Accountants

To be qualified as CPA, an accountant must hold a current practising certificate. As at the date of 28th February 2002, there are 1,675 accountants holding full-time current practising certificates. Accountants of Y. T. Lo & Co. are among those. The Hong Kong Society of Accountants is the only statutory licensing body of accountants in Hong Kong responsible for regulation of the accountancy profession. Y. T. Lo & Co. is under its regulation.

Y. T. Lo & Co. is the Financial Planning Advisors to Hong Kong Negative Equity Revitalisation Organisation ( HKNERO ), a non-profit making debt counselling service provider to negative equity home owners initiated by Hong Kong's most famous public affairs commentator, Albert Cheng. Mr. Lo Yip Tong was interviewed by Cable TV and MetroRadio about IVA.

The offices of Y. T. Lo & Co. now occupy over 2000 s.f. located at the Wanchai MTR station. It has practised over a decade in Hong Kong on insolvency (personal and corporate), accountancy, auditing and tax. Its present service focus is on IVA under the Bankruptcy Ordinance. IVA is intended to help debtors who are unable to pay his debts but do not want personal bankruptcy. Although the number of IVA applications remain to be small, there is nevertheless a growing trend that more people would choose IVA instead of bankruptcy should they find their cases being suitable for that.

About Yip, Tse & Tang

Lo Yip Tong works closely with Yip, Tse & Tang who are no doubt a lawfirm leading on the IVA practice. The lawfirm has a total of 17 solicitors and 5 have dedicated to advise debtors on IVA and related insolvency subjects. Their official website on IVA is IVA.com.hk