How do I apply for insolvency

An insolvency procedure is a formal way to deal with your debt, but it will impact many aspects of your life.

For individuals, there are 3 formal ways to deal with debt you cannot repay:

  • Debt Repayment Order (DRO)
  • No Asset Procedure (NAP)
  • Bankruptcy

Learn more about the insolvency procedures

Steps to apply for insolvency

These steps apply for all types of insolvency: DRO, NAP, or bankruptcy.

You can apply for insolvency using our online services. This will require you to log in using a RealMe account®. Our online services work best with a Google Chrome browser.

  1. Step 1

    Check that you have everything to complete the application form.

    Part of your application form is a 'Statement of Affairs'. This is a form that tells us about your financial situation, including assets, debts, income, and expenses.

    Completing your Statement of Affairs

  2. Step 2

    Login, or Create a RealMe login and then complete the user registration and activation.

  3. Step 3

    From the Dashboard click ‘Apply for Insolvency’.

  4. Step 4

    Complete the steps in the ‘Help me choose’ section to understand which option may be best for your circumstances. The option you choose here can be changed at a later stage based on the information you provide.

  5. Step 5

    Complete the online application following the instructions and providing appropriate evidence as required. The application can be saved at any time by selecting ‘Save draft’.

  6. Step 6

    Select the insolvency procedure from the options available.

  7. Step 7

    For a Debt Repayment Order (DRO), complete any additional questions as prompted and select a DRO Supervisor.

  8. Step 8

    Submit your application.

  9. Step 9

    You will receive a ‘Verification form’ at this point (not required for a Debt Repayment Order). This must be signed and returned as outlined on the document, before your application is complete. An incomplete application will not be considered.

  10. Step 10

    Wait for the Official Assignees decision. You should get a written answer within 10 working days.

You can view the status of your application at any time from the Dashboard.