Flora Chan’s Husband Files For Bankruptcy

By on February 9, 2012 in Hot Gossip!, NEWS

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Former TVB fadan, Flora Chan’s (陳慧珊) husband and manager, Mike Chung (鍾家鴻), recently filed for bankruptcy at the High Court. The court did not disclose any details regarding the bankruptcy filing. Asked to confirm the rumors, Mike Chung acknowledged that he did in fact file for bankruptcy, which did not involve his wife, Flora Chan.

After a discussion with his lawyer, Mike decided to file for bankruptcy, considering that this was the best decision for his family and himself. Wanting to protect his family, Mike hoped to minimize the extent of damage. Flora understood the entire situation and supported Mike’s decision.

A Personal Decision That Has Nothing to Do With Flora Chan

As a responsible person, Mike Chung felt there was no need to conceal his bankruptcy petition and deceive people. Indicating that unfortunate businessmen filed for bankruptcy for their own reasons in Hong Kong on a daily basis, Mike indicated that [his own situation] was not worthy of outside attention. Since Mike was Flora Chan’s husband, he also became a public figure. Due to the personal nature of the matter, Mike did not intend to reveal further details. Mike emphasized that the bankruptcy situation involved his company and did not implicate Flora Chan. Mike replied to the press’ questions to prevent unsubstantiated speculation, which may vilify his reputation further.

Aside from being Flora’s manager, Mike Chung was the owner of a marketing company. He acknowledged that in recent years, the company was not functioning smoothly, with some projects resulting in disputes. Since the company was not a limited company, Mike had to bear personal financial responsibility. Filing for bankruptcy, Mike hoped to veer the situation in the right direction.

Independent Finances

Mike revealed that Flora Chan possessed her own company. Thus, his bankruptcy filing will not affect her career and company. Flora has been very supportive of Mike’s situation. The bankruptcy filing did not affect his family’s life. Flora has been semi-retired in recent years. If she were to come across suitable work, she will consider it. Flora prioritized her daughter’s future development and how to provide a warm family life for her.

Flora Chan’s Two Marriages

Raised and educated in the United States, Flora Chan pursued her career in Hong Kong. The intelligent beauty  left a deep impression with the audience. In 2000, Flora ended her 6-year marriage with her first husband, Chung Wai Ming (鍾偉明). At the helm of her TVB career, Flora was romantically linked with Moses Chan (陳豪), Bowie Lam (林保怡), Joe Ma (馬德鐘) and Producer Gary Tang (鄧特希). In 2002, Flora Chan won the TV Queen Award for her performance in Family Man <絕世好爸>.

In 2003, Mike Chung became the most important man in Flora’s life. In 2006, Flora and Mike got married. After the birth of their daughter, Flora focused on child care while placing her work as a lower priority.

Jayne: Mike’s bankruptcy will force Flora to come out her of semi-retired state, which may mean more telelvision appearances. Will Flora sign with CTI?

22 comments to Flora Chan’s Husband Files For Bankruptcy

  1. Funn Lim says:

    That bad?

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  2. AC says:

    What kind of company does Flora have? I would think that they are still okay if it’s only the company that is filing for bankruptcy. I’m not totally sure about HK laws, but I’m assuming he did that so that his company can’t be sued and he won’t lose any more of his own personal money?

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    • Funn Lim replied:

      Company is winding up. Personis bankruptcy. Article says bankruptcy so it means her husband is a bankrupt.

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    • Funn Lim replied:

      “ut I’m assuming he did that so that his company can’t be sued and he won’t lose any more of his own personal money?”

      His company is a seperate identity and if he is a bankrupt he can’t run his company any more. He will have his income regulated. For a businessman this is bad news. So now he can use Flora’s name in running the company I suppose.

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    • Nicole replied:

      Read? “Since the company was not a limited company, Mike had to bear personal financial responsibility.”

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      • Funn Lim replied:

        Missed that part. So it was a partnership I presume. So yes it is bankruptcy. Personal to him.

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      • Nicole replied:

        I meant to direct above comment to AC, as he said “assuming he did that so that his company can’t be sued and he won’t lose any more of his own personal money?”

        He declared bankruptcy personally so all his money will be gone.But he has probably transferred his personal wealth to relatives or shell companies.

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      • thewong replied:

        Wonder why he didn’t use a limited-liability business entity? Because of taxes? Weird.

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      • Funn Lim replied:

        I am sure HK has a similar law which can trace back his property and money within no. of years of transfer, like in Malaysia it is 3 years.

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  3. josie says:

    Flora once looked really good w/ Moses in “family man”. I was really hoping they could pair up in “healing hands 3” but too bad she got sick.

    Anyway if she signs w/ CTI, she’ll probably be paired up w/ bowie again.

    But if she comes back to tvb, hopefully they’ll give her a professional role, not housewife like. Actually, she might have made Wayne less boring in FH3 if she had played Maggie’s character.

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    • sandcherry replied:

      I don’t think Flora Chan would have made Wayne less boring in FH3 if she played Maggie’s character.

      Wayne’s character was boring in the storyline as well as in acting, not because of Maggie Cheung as his partner.

      Maggie was a cute partner for Chan Chin Pang in FH3.

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  4. Kidd says:

    Her husband can still make money. As long as he does not put any property under his name, he’s ok.

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    • Nicole replied:

      But if he uses Flora’s name, and he fails again, she will be personally liable. which is unadvisable.

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    • Funn Lim replied:

      He can’t. He can own tools of trade, but nothing else. Usually being a bankrupt is nothing, no stigma but for a businessman, there is stigma in some sense. Flora won’t be liable for HIS actions unless she gives a personal guarantee.

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  5. exoidus says:

    Yeah wonder why he didn’t incorporated a limited liability company instead. Can’t help to think that Flora will dump him soon, LOL

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    • HeTieShou replied:

      I hope that Flora doesn’t dump him because IF she does, then we will all have an idea about why… However, she seems to be with him through thick and thin which is a great thing. I am glad that Flora at least has her own company and makes her own money which is why I always believe that even if a women is married, she should not just rely on the husband and still should be independent since you don’t know what can happen in the future….

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      • exoidus replied:

        Most follow the same pattern i.e. husband charged by ICAC, go bust etc. the wives will stand by their husband. Only to divorce after a while.

        Probably bc if they left their husband immediately it would be too obvious.

        Let’s hope she will be the exception!

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      • HeTieShou replied:

        Well, lets see because only time will tell and lets hope that she will be an exception.

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    • Fox replied:

      Partnership or sole business will have some exemption on tax and fee from the state, therefore ppl like to do it instead of an LLC. So it is the matter of money.

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  6. Jadio says:

    I think Flora will totally sign with CTI! =P
    CTI will then have the good times female Fadans of TVB! With Kenix Kwok, Maggie Cheung, Jessica Hsuan and Flora Chan! Yay! =D

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  7. elin says:

    love her.. best of luck to her hubby.wht else is there to say anymore

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  8. Grace says:

    Cant wait to see her again.

    Used to love seeing her & Bowie together in series! They were GREAT!!!!

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