Bankruptcies

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number reported
Source: ITS
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Source: ITS
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Source: ITS
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This data is published weekly in a Public Notice by the Insolvency and Trustee Service of the Ministry of Economic Development.

Bankruptcy is a way of dealing with debts you cannot pay. Becoming bankrupt is a very difficult decision and it should only be viewed as a last resort. While it offers relief from most of your debts, you will be subject to a number of restrictions and limitations.

The "No Asset Procedure" (NAP) is a kind of bankruptcy-lite, an alternative way of dealing with debts you cannot pay. This is a 'new' option available since December 2007 and is not formal bankruptcy. You can only use the No Asset Procedure once – ever. After that, its a formal bankruptcy.

To qualify for entry to a NAP, you must:

  • have no realisable assets (realisable assets exclude cash up to $1,000, a motor vehicle up to $5,000, tools of trade, and personal and household effects) 

  • not previously been admitted to the no asset procedure 

  • not previously have been adjudicated bankrupt 

  • have total debts (excluding student loan) not less than $1,000 and not more than $40,000 

  • complete a means test showing you have no means of repaying any amount towards your debts.

Part of the reason the 'No Asset Procedure' was brought in was to create a loss-penalty for creditors who offered credit to people who they knew could probably never pay it back.