About Insolvency and Trustee Service
Who is the Official Assignee?
The Official Assignee is appointed under the Public Service Act 2020 to administer the Insolvency Act 2006, the insolvency provisions of the Companies Act 1993 and the Criminal Proceeds (Recovery) Act 2009. The Official Assignee administers all bankruptcies, No Asset Procedures, Debt Repayment Orders and some liquidations.
Our Quality Management System
The Insolvency and Trustee Service (ITS) is committed to meeting customer and regulatory requirements, while supporting quality, consistency and continuous improvement across all ITS services.
We maintain a quality management system that is aligned with the principles and practices of ISO 9001, an internationally recognised standard for quality management systems.
This alignment applies to all ITS offices and covers the full scope of services provided to the New Zealand public, including:
- Administration of bankruptcies
- No Asset Procedures
- Debt Repayment Orders
- Company liquidations
- Court Orders relating to Proceeds of Crime
- Management of trust accounts
- Distributions to creditors.
By aligning our systems and processes with ISO 9001, we embed recognised quality management principles across all ITS services to support consistency, accountability, and ongoing improvement.
Policies
Privacy Policy
Entering a formal insolvency procedure has a real and lasting impact on a debtor’s privacy. This is one of the reasons people should not take a decision to apply for a formal insolvency procedure lightly.
ITS Health, Safety and Wellbeing Policy
The Insolvency & Trustee Service aligns itself to the Ministry of Business, Innovation and Employment (MBIE) Policy which is committed to having a positive health, safety and wellbeing culture and robust health, safety and wellbeing practices.
Bankruptcies and liquidations
The Official Assignee administers bankruptcies and liquidations by collecting and selling assets to repay creditors. The Official Assignee will ask the bankrupt or company director(s) for information to help them identify and deal with the assets. The money recovered is paid to creditors who have made a claim. The order in which payments are made is set out in the relevant Acts.
Creditors can log in to the Insolvency and Trustee Service website to check what is happening with the administration and how long it is likely to take. The time will depend on several things such as the type and number of assets the debtor has.
No Asset Procedure (NAP) administration
NAP debtors have no assets or income to repay creditors. It will take less time to deal with a NAP estate than a bankruptcy.
Debt Repayment Order (DRO) administration
DROs can take up to five years to be completed. The Official Assignee processes applications for a DRO by debtors. When the order is made, a Supervisor is appointed. The debtor and creditors deal with the Supervisor, who organises payments. The Official Assignee will deal with any issues that the Supervisor can’t settle.
The Insolvency and Trustee Service (ITS) is a business unit of the Ministry of Business, Innovation and Employment. ITS is also called the Official Assignee’s Office.