New Zealand Legislation: Acts

7 Nature of bankruptcy

• (1) Bankruptcy affects the legal status of a person and has important consequences. These include—

  • (a) the bankrupt's property vests in the Official Assignee:

  • (b) the bankrupt is limited in the business activities he or she can undertake:

  • (c) the Official Assignee may be entitled to recover assets that the bankrupt has transferred before bankruptcy.

  (2) This section is intended only as a guide to the consequences of bankruptcy.