LEGAL HOTLINE ON HONG KONG LEGAL SERVICES
67533333 (HOLIDAYS AS USUAL)
Free Phone Legal Consultation
67533333 (HOLIDAYS AS USUAL)
Free Phone Legal Consultation
Yip, Tse & Tang has launched www.fp.hk on providing legal information relating to the establishment of trusts and wealth planning.
The service aims at serving the high net worth customers requiring professional and experienced advice on financial planning, estate planning and wealth management. Since its launch, the firm has received a large number of enquiries from its customers. Many of them are businessmen from Mainland China who have benefited from the economical growth in the past decades. The firm has therefore provided some useful content on the web-site in native Putonghua, hoping to assist them to be familiar with the contents.
Making a will is the cheapest and simplest way of estate planning. The firm charges $1000 to $3000 on preparing wills. Charges differ on complexity of the will's content.
Since its inception in August 2001, Yip, Tse & Tang has represented over 9,000 debtors in bankruptcy petitions. Bankruptcy applications will be heard in 3 to 4 months time. "Our lawyers are knowledgeable about the effects of bankruptcy order on bankrupts. A special web-site Broke.com.hk has been set up dedicated purely to bankruptcy subjects," said Thomas Tse, the creator of theBroke.com and partner of Yip, Tse & Tang heading the personal insolvency practice of the firm. TheBroke.com has been featured by over 10 local and international newspapers or magazines, including Reuters, BBC and Le Monde. Solicitors of the bankruptcy team were interviewed by TVB, ATV, Cable TV, RTHK, Commercial Radio and MetroRadio Broadcast on debt or bankruptcy subjects on many occasions.
The financial storm in 1997 has resulted in the decline of the Hong Kong economy. Many people have become the victims of that. The HKSAR Government has failed to offer any help to them. Many are indebted to lenders millions of dollars. In view of the bad employment situation and the deteriorating economy, self-bankruptcy is perhaps the only viable option for them. Yip, Tse & Tang charges $4500 as their professional charges. Visit Broke.com.hk to know more details.
Broke.com.hk and Solicitor.com.hk (both owned by Yip, Tse & Tang) have 20% of the total visiting traffic of Hong Kong legal web sites.
According to a recent 'Hitwise Rankings' Report (Hitwise.com ), theBroke.com (10.5%) and Solicitor.com.hk (9.5%) have altogether taken up 20% of the visiting traffic of Hong Kong legal web sites. theBroke.com is ranked 3rd and Solicitor.com.hk is ranked 5th in the ranking. The ranking is based on user visits, time spent on site (site 'stickiness'), category share of traffic and pages. Justice.gov.hk , a web site where the complete set of Laws of Hong Kong is hosted, has 47.5% of the total traffic (ranked no.1) and hklawsoc.org.hk , the official site of the Law Society has 10.5% of the total traffic (ranked no.2). According to East Magazine, Yip, Tse & Tang is heading other law firms in term of number of bankruptcy applications in the first 3.5 months in 2002. Every day, the firm has colleague filing bankruptcy applications with the Court and serving of the same on the Official Receiver's Office.
InternetSolicitor.com was set up by Yip, Tse & Tang, Solicitors and launched in 1999. It is constituted by partners and solicitors of Yip, Tse & Tang, Solicitors. Its objective is to serve the public and its clients through the Internet as an open and freely accessible international infrastructure. Yip, Tse & Tang was selected by the ITS Department, HKSAR Government as a Reference Case on use of e-commerce on professional services.
Yip, Tse & Tang was awarded the Caring Company Logo for 5 consecutive years since 2003 by the Hong Kong Council of Social Service in recognition of their effort in demonstrating good corporate citizenship and contributing to a caring community. In addition, the law firm was award by the Council with the Outstanding Partnership Award. The Award was granted to the firm in recognition of its joint effort with The Family Crisis Service Centre - Caritas Hong Kong. This debt counselling programme has been a pioneer on giving debt counselling advice to the general public for free.
Yip, Tse & Tang also specialises on the following areas of legal practices:
‧Matrimonial proceedings: divorce, custody, maintenance and property adjustment
‧Computer crimes and Internet crimes
‧Medical negligence
‧Personal injuries claims: employees' compensation and traffic accident claims
‧Criminal defence: Magistrates' Court to Court of Final Appeal
‧Civil celebrant of Marriages: wedding solemnization at offices or hotel ballroom
‧Real estate transactions or conveyancing
In March 2002, Yip, Tse & Tang launched a debt legal service serving debtors' need. The service is known as Individual Voluntary Arrangement (IVA) which is a statutory alternative to bankruptcy under the laws.
IVA has the benefit of avoiding bankruptcy. "IVA is a 'win-win' debt solution to creditors and debtors. Some debtors, such as civil servants, well-paid managers or professionals don't like bankruptcy," said Mr. Thomas Tse, inventor of IVA.com.hk and partner of Yip, Tse & Tang . IVA applicants can be credit card debtors or undischarged bankrupts. The firm has teamed up with skilled debt analyst and experienced certified public accountant to provide this new kind of legal service.
IVA applicants are only required to pay $2,000 as initial cost to start with a repayment proposal. "Our IVA service is built upon the solid foundation we have acquired on our bankruptcy legal service. We are experienced in communicating with banks and finance companies. That can facilitate our early reach of a compromise repayment plan between debtors and creditors," said Mr. Thomas Tse. The firm is now processing a large number of IVA cases. Proposal has been prepared and application for interim order has been made on a number of cases. Many IVA proposals have also been passed to creditors' meetings' approval. Approved IVAs can be verified in the public register placed with the Official Receiver's Office.
"The new service is proven to be very successful. By April, 2008, we have applied to the Court over 1,200 interim orders for the purpose of convening creditors' meetings and creditors meetings have been summoned and held at the offices of Yip, Tse & Tang for consideration of the detbors' proposals," said Mr. Thomas Tse.
