Document Actions
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 methods | 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 and acceptance of application | From date of acceptable SOA and acceptance of application | 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 |
| Debtors are restricted from entry if they: | Are able to immediately pay debts | Have Realisable assets | None | None | None |
| Assets | No limit | None realisable | No limit | No limit | No limit |
| Asset Disposal Method | Retained or sold by debtor | N/a | Vest in Official Assignee | Vest in Official Assignee | as per order |
| Debts that debtor remains responsible for | Student loans Court fines Reparation | Maintenance orders Child support Student loans Court fines Reparation Debts based on fraud | Maintenance orders Child support Court fines Reparation Debts based on fraud | Maintenance orders Child support Court fines Reparation Debts based on fraud | Fines reparation |
| 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 + 4 yrs | 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 and disbursements Official Assignee hourly rate | $NZ200 from first asset realisation Costs and disbursements Petitioning creditors costs Official Assignee hourly rate
| As per order |
