What is a No Asset Procedure?

General information from Lawmateanz

A No Asset Procedure is an alternative to bankruptcy in New Zealand for people with no realisable assets and total unsecured debts within a set range. It's managed by the Insolvency and Trustee Service.

It usually lasts 12 months. During that time, some restrictions similar to bankruptcy apply, and afterwards most of the debts included are written off.

You can generally only use it once, and you must not have been bankrupt before.

The Insolvency and Trustee Service has current eligibility criteria and the application form. A financial mentor can help you decide if it's right for you.

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