Few wires getting crossed here :
In HK it is against the law to acquire money from someone for training they require to carry out the duties of their employment eg training somebody to fly a certain type of aircraft. As AAIGuy said, if bonds were legal do you really think HKA would have let millions of dollars worth walk away ? They might be incredibly stupid and inept but that is more than made up for by their greed.
Singapore, where AHK is based, completely different story, the bond or whatever you want to call it is 100% legal, and the only person that will get laughed out of court is you. In most cases Singapore airlines and AHK will chase you to the ends of the earth and Singapore airlines has never had trouble convincing the courts that an SO endo on a 747 is worth over 100k.
Enjoy