Comparison Tool

  Summary Instalment Order No Asset Procedure Debtors Application Creditors Application
Insolvency Act Section 340-360 Section 361-377 Section 45-49 Section 36-44
Application methods
  • Official Assignee
  • Electronic
  • Manual
  • Supervisor required
  • Official Assignee
  • Electronic
  • Manual
  • Official Assignee
  • Electronic
  • Manual
  • Court
Usual term Three-five years One year Three years Three years
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 acceptable SOA

Lesser term by

Discharge

Termination

Annulment, early discharge

Annulment, early discharge

Minimum debt None $1,000 $1,000 $1,000
Maximum debt $47,000 $47,000 None None
Debtors are restricted from entry if they:
  • Are able to immediately pay debts
  • Have realisable assets
  • Have ability to pay some or all of their debts
  • Have previously been bankrupt
  • Have previously been in a NAP
  • Have concealed assets
  • Have engaged in conduct that could be considered an offence under the Insolvency Act
  • Have incurred debts with no intention to pay
  • Bankruptcy proceedings have begun

None

None

Assets No limit None realisable No limit No limit
Asset disposal method

Retained or sold by debtor

N/A

Vest in Official Assignee

Vest in Official Assignee

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
Restrictions
  • Incurring credit
  • Must have a Supervisor
  • Incurring credit
  • Incurring credit
  • Leaving NZ
  • Self-employment or employment by a related person or entity
  • Incurring credit
  • Leaving NZ
  • Self-employment or employment by a related person or entity¬†
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
Public register Yes Yes Yes Yes
Duration Life of SIO Life of NAP + four years Discharge + four years Discharge + four years
NZ Gazette No Yes Yes Yes
Fees and costs
  • Application $102.22
  • Supervisor 7.5%
  • Official Assignee 2.5%

None

  • $204.44 from first asset realisation
  • Costs and disbursements
  • Official Assignee hourly rate
  • $204.44 from first asset realisation
  • Costs and disbursements
  • Applicant creditors costs
  • Official Assignee hourly rate