Updated at 5.35pm: The soaring level of bankruptcies in Hong Kong will come under the spotlight at a top-level meeting of policy advisers on Wednesday. The closed-door meeting will bring together all the major players in the finance sector in what is understood will be a bid to forge a common policy recommendation on the controversial subject to be presented to lawmakers. At Wednesday's meeting, there will be representatives of the Hong Kong Monetary Authority, the Hong Kong Association of Banks, the Official Receiver, the Privacy Commission and the Financial Services Bureau. ''I can confirm there will be a meeting, among all parties concerned on subject of bankruptcy,'' an official for the Financial Services Bureau said yesterday. ''The issue has been discussed for some time and the object of this meeting is to get everybody at the policy level together to discuss policy issues,'' the official added. Debate on the topic was sparked with the release of data from Credit Information Services (CIS), which showed that 3,395 individuals were declared bankrupt in the first half of this year up 56.7 per cent on the same period a year ago. Also sharply higher, the data showed, was the number of debtors who filed their own petitions for bankruptcy while the average debt incurred by inviduals bankrupted during the period was down from $651,000, to $314,676. Reporting on their interim results for the half-year, several bankers complained that in the wake of changes enacted to bankruptcy provisions more individuals were using bankruptcy provisions to escape debt obligations.