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Comparison tool
| Summary Instalment Order | No Asset Procedure | Debtors Petition | Creditors Petition | Proposal | |
| Insolvency Act | Section 340-360 |
Section 361-371 | Section 45-49 |
Section 36-44 |
Section 325-339 |
| Application method |
Official Assignee Electronic Manual Supervisor required |
Official Assignee Electronic Manual |
Official Assignee Electronic Manual |
Court Manual |
Court Trustee required Manual |
| Usual Term | 3-5 years | 1 year | 3 years | 3 years | N/a |
| Term starts | From date of SIO | From date of acceptable SOA | From date of acceptable SOA | From date of court order | From date of court order |
| Lesser term by |
Discharge | Termination | Annulment, early discharge | Annulment, early discharge | Court order |
| Minimum debt | None | $NZ1,000 | $NZ1,000 | $NZ1,000 | None |
| Maximum debt | $NZ40,000 | $NZ40,000 | None | None | None |
| Entry restriction |
Never bankrupt No previous NAP Not concealing assets No bad conduct Debts not incurred with no intention to pay No bankruptcy proceedings started |
None | None | None | |
| Assets | No limit | None realisable | No limit | No limit | No limit |
| Disposal | Retained or sold | N/a | Vest in Official Assignee | Vest in Official Assignee | Varies |
| Excluded debts |
Maintenance orders Child support Student loans Court fines Reparation WINZ debts |
Maintenance orders Child support Student loans Court fines Reparation WINZ debts |
Maintenance orders Child support Court fines Reparation WINZ debts |
Maintenance orders Child support Court fines Reparation WINZ debts |
None |
| Restrictions |
Incurring credit Supervisor |
Incurring credit |
Incurring credit Leaving NZ Employment |
Incurring credit Leaving NZ Employment |
Varies |
| Responsibilities |
Complete Statement of Affairs Provide information Cooperate with Official Assignee Notify change of circumstances Cooperate with Supervisor Comply with terms |
Complete Statement of Affairs Provide information Cooperate with Official Assignee Notify change of circumstances |
Complete Statement of Affairs Provide information Cooperate with Official Assignee Notify change of circumstances Attend meetings |
Complete Statement of Affairs Provide information Cooperate with Official Assignee Notify change of circumstances Attend meetings |
Provide information Notify change of circumstances Cooperate with Trustee Comply with terms |
| Public register Duration |
Yes Life of SIO |
Yes Life of NAP |
Yes Discharge + 4 yrs |
Yes Discharge +4 yrs |
No N/a |
| NZ Gazette | No | Yes | Yes | Yes | No |
| Fees and costs |
Application $NZ100 Supervisor 7.5% Official Assignee 2.5% |
None |
$NZ200 from first asset realisation Costs Official Assignee hourly rate |
$NZ200 from first asset realisation Costs Official Assignee hourly rate |
Negotiated |