Personal insolvency or bankruptcy is for individuals who are insolvent, a technical term that means they are unable to pay their personal debts to their creditors. If you are dealing with high levels of personal debt, or are under severe financial stress, it is important that you contact experienced consultants who can give you options when it comes to personal insolvency in New Zealand.
We understand how stressful and daunting it can be to confront personal insolvency in New Zealand. We make it our goal to work closely with you to identify issues, risks and decisions to manage the financial impacts for your stakeholders, future business and individual financial standing.
Through the natural course of bankruptcy a trustee will be appointed who will realise all assets and resources as well as all creditors and arrears of debts. The trustee will then liquidate the estate in order to distribute the liquidated assets among creditors, in a way that is proportionate to the debts owed by the bankrupt – i.e. the creditors with the greatest amount owed to them should receive the highest proportion of any funds recovered.
Let Insolvency Guardian help you through bankruptcy today