No Asset Procedure

No Asset Procedure(NAP)Services Auckland New Zealand

No Asset Procedure

If you have debts between $1,000 and $47,000 you may be eligible to enter the No Asset Procedure. There are a number of other qualifying criteria which must be met, they include:

  • the debtor has no realisable assets; and
  • the debtor has not previously been admitted to the no asset procedure; and
  • the debtor has not previously been adjudicated bankrupt; and
  • the debtor has total debts (excluding any student loan balance) that are not less than $1,000 and not more than $47,000; and
  • under a prescribed means test, the debtor does not have the means of repaying any amount towards those debts.

The No Asset Procedure provides an efficient way of dealing with debtors who have no assets. It also offers a fresh start to the debtor with an automatic discharge from the No Asset Procedure 12 months after the date of admission to it.

The Benefits of Using Norrie & Daughters

No Asset Procedure

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
  • 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