As many as 25 law firms became insolvent over the past 10 years, trapping more than HK$530 million of funds by 1,500 homebuyers in escrow, requiring them two years on average to get their money back, according to a Legislative Council document and court papers.
Source : South China Morning Post
Read more…Hong Kong to cut out lawyers’ role in mortgage transfers in pilot plan to protect buyers from insolvent legal firms
