New Zealand Legislation: Acts

8 Alternatives to bankruptcy

• (1) A debtor who is insolvent may have an alternative to bankruptcy, such as—

  • (a) making a proposal to creditors (see subpart 2 of Part 5); or

  • (b) paying creditors in instalments under a summary instalment order (see subpart 3 of Part 5); or

  • (c) entry to the no asset procedure (see subpart 4 of Part 5).

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