About Insolvency and Trustee Service
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.
Who is the Official Assignee?
The Official Assignee is appointed under the State Sector Act 1988 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, Summary Instalment Orders and some liquidations.
Policies and Certifications
ISO Management System Certification
ISO certification is an international standard for management systems. This ensures that the highest possible standard is reached at all times.
The Insolvency and Trustee Service has received ISO 9001:2015 certification for it's Quality Management System, and ISO 45001:2018 certification for it's Health and Safety Management System.
These certifications apply to all Insolvency offices for the way we provide insolvency services to the New Zealand public and how we manage health and safety. These services include the administration of bankruptcies, No Asset Procedures, Summary Instalment Orders, company liquidations, the management of our trust accounts, and the way we make payments to creditors.
Our Business Service Centre, which answers a large number of your calls, also has ISO 9001:2015 certification.
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
Summary Instalment Order (SIO) administration
SIOs can take up to five years to be completed. The Official Assignee processes applications for a SIO 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.