Norrie & Daughters

Bankruptcy

Bankruptcy Services Auckland New Zealand

Bankruptcy

A person can be adjudicated bankrupt by the High Court on the application of a creditor or by the insolvent individual (debtor initiated).

Becoming bankrupt may not necessarily involve the social stigma that it once did however persons facing bankruptcy should be aware on the consequences and other options, particularly if the person is considering a debtor initiated bankruptcy.

The consequences of bankruptcy are:

  • That the bankrupt’s property vests in the Official Assignee (“Assignee”).
  • That the bankrupt may be required to contribute to payment of the bankrupt’s debts.
  • That certain transactions made before bankruptcy may be set aside.
  • That the ability to work in certain occupations or keep the current employment may be affected.
  • That certain statutory office positions (wide ranging) will not be able to be held.

A bankrupt with the necessary permission may not:

  • Act as a director of a company
  • Enter into, carry on or take part in the management or control of a business;
  • Be employed by a relative of the bankrupt;
  • Be employed by a company, trust, trustee or incorporated society that is owned, managed or controlled by a relative of the bankrupt.
  • Travel overseas;
  • Must not obtain credit of over $1,000 without informing the creditor

Bankruptcy normally comes to an end 3 year from the date of filing the bankrupts statement of affairs with the Assignee.

During bankruptcy the bankrupt’s affairs are managed by a case officer from the office of the Assignee.

During bankruptcy a bankrupt can put forward a compromise to creditors. This is known as a Composition.

The effects of bankruptcy can be wide ranging and generally a professional will add significant value in assisting the bankrupt through the bankruptcy, particularly if the bankrupt is wishing to be self-employed, be in business, travel overseas or oppose certain actions that the Official Assignee may engage in against the bankrupt.

Norrie & Daughters has the experience and skilled team to assist those facing or who are bankrupt.

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Quality & Experience

  • Chartered Accountants Australia & New Zealand Accredited insolvency practitioners
  • Free 1 hour meeting to be briefed on your situation
  • Experience in all aspects of personal Insolvency
  • Sound advice on all insolvency options available
  • Preparation of application and obtaining approval for bankrupts to be in business
  • Financial supervision of bankrupts in business
  • Full range of insolvency services
  • Acting for Directors, Shareholders and Creditors against Liquidator claims

Results

  • We have successfully implemented schemes of arrangement involving significant debt including bank and tax debt and avoided the bankruptcy of the persons
  • We have got self-employed bankrupts back into business
  • We have acted for various bankrupts against claims made by the Official Assignee in various matters
  • We have successfully acted for debtors, directors and shareholders against claims by liquidators against them
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Services

  • Insolvency advice
  • No Asset Procedure
  • Summary Instalment Orders
  • Informal and Formal Compromises
  • Bankruptcy
  • Financial Supervision of Bankrupts in Business
  • Expert Witness
  • Acting for Directors, Shareholders and Creditors against Liquidator claims

To learn more about the services we offer to clients both in New Zealand and overseas

Contact Us Today