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The Insolvency and Trustee Service (ITS) is a business unit of the Ministry of Business, Innovation and Employment. The ITS, through the Official Assignee, administers all bankruptcies, No Asset Procedures (NAP), Summary Instalment Orders (SIO) and some Court-appointed liquidations pursuant to the Insolvency Act 2006 and Companies Act 1993. A staff member from the Official Assignee’s office is responsible for administering your bankruptcy, NAP or SIO.
The Official Assignee is also involved with the administration of the Criminal Proceeds (Recovery) Act 2009. For more information about this, please visit the Proceeds of Crime section.
Who is the Official Assignee?
The Official Assignee is appointed under the State Sector Act 1988 to administer the Insolvency Act 2006, the Companies Act 1993 and the Criminal Proceeds (Recovery) Act 2009. The Official Assignee administers all bankruptcies, No Asset Procedures, Summary Instalment Orders and some Court-appointed liquidations.
Insolvent estate administration - bankruptcies and liquidations
The Official Assignee’s primary role when administering bankruptcies and liquidations is to collect and realise assets for the benefit of creditors. The Official Assignee will question the bankrupt and company director(s) for financial information to aid in the identification, collection and realisation of assets. Once all assets have been sold, the proceeds are distributed to creditors in accordance with statutory priority rules throughout the administration of the bankruptcy or liquidation estate and is visible to creditors who have registered their claim.
The time that it takes for the active administration of a bankruptcy or liquidation estate to be completed will depend on the complexity, type and number of assets and issues involved. Advice of the likely length of an administration is updated on the Insolvency and Trustee Service website periodically throughout the administration of the bankruptcy or liquidation estate.
No Asset Procedure (NAP) administration
As NAP debtors have no realisable assets or means to repay creditors, the active administration of a NAP will be completed in much shorter time frame than a bankruptcy.
Summary Instalment Order (SIO) administration
SIOs can run for up to five (5) years. The Official Assignee is involved in the receipt and processing of applications for a SIO from debtors. Upon establishment of a SIO, a Supervisor is appointed to oversee the admin situation of the order for the life of the order. The Supervisor is responsible for dealing with the debtor, their creditors and organising payments to creditors from the Official Assignee’s trust account or their own. If any issues concerning the administration of a SIO arise, the Official Assignee may become involved.
If the information on this website has not answered your questions, please feel free to call us during business hours on 0508 467 658 (8.30am-5pm weekdays).
View recent, and historical, bankruptcy, liquidation, no asset procedure and summary instalment order statistics.
Learn more about the Official Assignee's role in the area of Criminal Proceeds Management.
The Insolvency and Trustee Service administers the Insolvency Act 2006 including breaches of the Act.
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