This Part lists those documents for which these regulations prescribe the content or the form.

This regulation tells you—

This is the list of the documents dealt with in these regulations, and in brackets next to each document you will see the number of the regulation that deals with it:

Documents relating to bankruptcy

Documents relating to compositions

Documents relating to proposals

Documents relating to debt repayment orders

Documents relating to no asset procedure

For the purposes of section 46(1), a statement of affairs must be—

The statement of affairs must contain the following information:

In subclause (2), references to the previous 3, 5, or 7 years are to the period of 3, 5, or 7 years that ends with—

In subclause (2)(ha), bank means—

In subclause (2)(p), lawyer includes a person practising law outside New Zealand (in addition to a person covered by the definition of lawyer in section 3).

In subclause (2)(t), retirement scheme—

An application form under section 49(1)(a) must—

The application must contain the following information:

The fee that is payable for making the application is $200 inclusive of goods and services tax.

For the purposes of section 67, a statement of affairs must comply with regulation 6 as if references to the debtor in that regulation were references to the bankrupt.

On the adjudication of a partnership, the bankrupts must submit a statement of affairs for the partnership affairs and each bankrupt must submit a separate statement of affairs for his or her separate affairs.

A notice under section 68(1) must be in form 1 of the Schedule.

A bankrupt’s application to the Assignee for consent under section 149(1) to enter into a business or employment must—

In deciding the application, the Assignee must have regard to the interests of the bankrupt, the bankrupt’s creditors, and the community, but may otherwise decide it in his or her absolute discretion.

The Assignee may—

A bankrupt’s application to the Assignee for consent to leave New Zealand must—

In deciding the application, the Assignee must have regard to the interests of the bankrupt and the bankrupt’s creditors, but may otherwise decide it in his or her absolute discretion.

The Assignee may—

A creditor’s claim form under section 233 or 247 must—

A creditor’s claim form under section 233 or 247 must contain the following information:

A person who is summoned for examination by the Assignee is entitled to be paid an allowance and travelling expenses as if that person were a witness for the purposes of the Witnesses and Interpreters Fees Regulations 1974.

A bankrupt who is required to attend a public examination is entitled to be paid travelling expenses as if the bankrupt were a witness for the purposes of the Witnesses and Interpreters Fees Regulations 1974.

The Assignee must keep accounting records in the following form:

The estate ledger must be balanced with the cash book at the end of each calendar month.

Subject to any directions of the Auditor-General as to trading accounts, all receipts and payments made by the Assignee must be entered in the cash book.

The Assignee must pay all money received by him or her into a bank account to his or her own credit as Assignee.

The Assignee is not required to incur any expense in relation to the estate of a bankrupt who has no available assets.

However, the Assignee may incur expense in that case (but cannot be required to do so) if the Assignee has obtained a guarantee from the creditors or some of them.

Except when subclause (2) applies, the rates of remuneration for the Assignee and his or her staff are the following (in each case, exclusive of goods and services tax):

When the Assignee carries out his or her duties, and exercises his or her powers, under subpart 3 of Part 5 of the Act, the Assignee’s rate of remuneration is 2.5% of the value of the assets of the debtor recovered by the supervisor.

For the purposes of section 297(1), a creditor must give notice not less than 5 working days before the application is to be heard.

This regulation applies if, under a composition, provision is made for the payment of any money to the creditors entitled to it, and a claim for which a creditor’s claim form has been lodged is disputed.

The court may, if it thinks fit, order that the money that would be paid if the claim were established be secured as the court directs while the claim is determined, and on determination of the claim the money so secured must be paid as the court orders.

A person claiming to be a creditor under a composition who has not proved his or her debt before the approval of the composition must lodge a creditor’s claim form with the trustee.

A creditor’s claim form must comply with regulation 12.

A creditor cannot enforce payment of any sum or part of a sum payable under a composition unless the creditor has lodged a creditor’s claim form with the trustee and the trustee has admitted the claim.

The resolution of the creditors at a meeting accepting the proposal must be in the form of a statement that contains the following information:

A notice under section 333(1)(b) must be in form 2 of the Schedule.

The chairperson of the meeting is the person elected by the creditors to be the chairperson.

The chairperson may adjourn the meeting from time to time and place to place.

Two creditors or their representatives present at the meeting constitute a quorum.

A creditor is present at a meeting for the purposes of subclause (1) if the creditor is a person who has voted by postal vote in accordance with section 330(2).

If no quorum is present at the meeting, the proposal is deemed to be not accepted by the creditors.

The insolvent must attend every meeting of the creditors under subpart 2 of Part 5 of the Act.

However, subclause (1) does not apply to the extent that the insolvent is prevented from attending a meeting by illness or some other sufficient cause.

The insolvent must answer to the best of his or her knowledge and ability every question put to him or her by the chairperson or any creditor in respect of the insolvent’s conduct, dealings, property, and affairs.

The failure of an insolvent to attend a meeting does not affect the validity of any resolution passed at the meeting.

A person who is not a creditor may attend a meeting of creditors with the approval of the majority of the creditors.

If the trustee attends a creditor’s meeting or an adjournment of the meeting, the trustee must—

The chairperson must ensure that minutes are kept of each meeting, and must sign the minutes.

The chairperson may record the meeting, but only with the consent of each creditor attending.

A creditor whose claim has been admitted may vote at creditors’ meetings.

The provisional trustee has the power to admit or reject a claim for the purposes of voting at a creditors’ meeting, but his or her decision is subject to appeal to the court.

If the provisional trustee is uncertain whether a claim may be admitted or rejected, he or she must allow the creditor to vote subject to that vote being declared invalid in the event of the claim being rejected for purposes of voting.

This regulation applies when it is necessary to compute the requisite majority of creditors for passing a resolution accepting a proposal that contains an offer to compromise at less than 100 cents in the dollar.

The preferential creditors must not be counted either in number or value except as to any part of their claim that is not preferential.

For the purposes of section 330(1)(e), the prescribed form of postal vote is form 3 of the Schedule.

A creditor’s claim form for a claim under a proposal must comply with regulation 12.

A creditor may amend a claim form if the trustee agrees.

A creditor who has submitted a claim form may, at any reasonable time, inspect the claim form of any other creditor.

The trustee must notify in writing each creditor who has submitted a claim form whether the claim has been accepted or rejected, with reasons in writing if the claim has been rejected.

A summary of receipts and payments under section 338(3)(a) must be in form 4 of the Schedule.

The Registrar may direct that the summary, once filed, must be audited by a chartered accountant.

The Registrar must obtain an audit by a chartered accountant of the trustee’s accounts and records relating to the insolvent if the Registrar considers that an audit is desirable.

The Registrar may act on his own initiative or on the application for an audit by a creditor.

For the purposes of an audit under regulation 37(3) or 38, the trustee must produce to the auditor the trustee’s accounts, records, documents, and other information relating to the insolvent as and when the auditor requires them.

The cost of an audit under regulation 37(3) or 38 must be paid out of the money available under the proposal.

The trustee is entitled to a fee, in addition to payment of the trustee’s reasonable expenses, for the work of the trustee after acceptance of the proposal by the creditors.

The fee must be paid at the following rates on the net value of the property realised by the trustee after deducting any sums paid to secured creditors out of the proceeds or in respect of their securities:

The creditors may appoint a new trustee to replace a trustee who has died, or is incapable of acting, or wishes to be replaced.

The appointment must be made by a resolution of the creditors at a meeting of the creditors convened to appoint a new trustee.

A meeting to appoint a new trustee may be called by the existing trustee (if capable) or any creditor.

The court may, on the application of the insolvent or any creditor, remove a trustee and appoint another trustee in his or her place.

Any property vested in the first trustee appointed, whether vested under the proposal or under any deed entered into in terms of the proposal, vests in a trustee appointed under regulation 41 or 42 without the necessity of any conveyance, assignment, or transfer.

A trustee appointed under regulation 41 or 42 must complete all matters and transactions left uncompleted by the previous trustee.

Any payment made, any thing done, any transaction entered into, and any liability incurred by a trustee in good faith and in exercise of his or her powers is binding on every subsequent trustee.

An application for a debt repayment order under section 341 must be—

If the application is made by the debtor, the application must state whichever of the following applies:

In all cases, whether the application is made by the debtor or a creditor, the application—

In all cases, whether the application is made by the debtor or a creditor, the application must contain the following information:

The fee that is payable for making the application is $100 inclusive of goods and services tax.

The applicant for a debt repayment order must, as soon as practicable, notify the following persons that an application for a debt repayment order has been made:

The notice must—

For the purposes of section 343(2), the time for the debtor or a creditor to make representations to the Assignee is 10 working days after the date of the notice under regulation 45.

For the purposes of section 353, the supervisor must send the notice of the debt repayment order within 15 working days of the order being made.

A creditor who wishes to make a claim must submit a claim form to the supervisor within 15 working days after receiving notice that the debt repayment order has been made.

The claim form must comply with regulation 12.

A creditor may amend a claim form if the supervisor agrees.

A creditor whose claim has been admitted may, at any reasonable time, inspect,—

This regulation applies if, after a debt repayment order has been made, a person (A) claims that the debtor has incurred a debt before the order was made.

The supervisor may accept A’s late claim for the debt and in that event the debt is included in the administration of the debtor’s estate.

If the claim is not accepted, A may apply to the Assignee under regulation 53.

A creditor whose claim is admitted late under this regulation is entitled to be paid a dividend from the date of the order, but this regulation must not affect the distribution of any dividend declared before the date on which the claim is admitted.

This regulation applies if, after a debt repayment order has been made, a person (A) becomes a creditor of the debtor.

A may submit a claim form to the supervisor in respect of the debt and the supervisor may accept the claim.

If the supervisor accepts the claim, A may be included as a creditor in the administration of the debtor’s estate, but must not be paid a dividend under the order until all creditors included in the administration as creditors before the making of the order have been paid.

If the claim is not accepted, A may apply to the Assignee under regulation 53.

The supervisor, or the debtor if no supervisor has been appointed, may apply to the Assignee for a variation of the order if the admission of a claim under regulation 49 or 50 would substantially affect the performance of the order.

The supervisor must as soon as practicable notify each creditor in writing whether that person’s claim has been accepted or rejected.

If the supervisor rejects a creditor’s claim, whether in whole or in part, the supervisor must also, in the same notice,—

A creditor whose claim has been rejected by the supervisor may apply to the Assignee for the Assignee to modify or reverse the supervisor’s decision.

The creditor must make the application within 15 working days after the date of a notice given under regulation 52.

The Assignee must, as soon as practicable, notify the supervisor, the debtor, and the creditor that—

The Assignee may, in his or her absolute discretion after considering any submissions made in accordance with subclause (3)(b), modify or reverse the supervisor’s decision.

The supervisor must ensure that remittances of dividends to creditors are accompanied by an advice note identifying the payment and the period to which it relates.

A direction by a supervisor to the debtor’s employer to pay all or part of the debtor’s earnings to the supervisor must—

The supervisor must as soon as practicable notify in writing the Assignee and each creditor of a default by the debtor under a debt repayment order.

An application under section 350 to vary or discharge a debt repayment order must—

The applicant must send a copy of the application to every person who will be adversely affected by the variation or discharge.

The supervisor must, as soon as practicable, give the debtor and each creditor written notice of any variation, or the discharge, of the order.

The supervisor must perform diligently and competently the duties of a supervisor set out in the Act, these regulations, and the terms of the order appointing the supervisor.

The Assignee may require the supervisor or, if no supervisor has been appointed, the debtor to file 6-monthly accounts.

The first 6-month period begins on the date of the order.

The accounts must—

The Assignee may inspect the accounts filed under this regulation and may appoint an auditor to audit the accounts.

For the purposes of an audit, the supervisor or debtor must, as and when required, produce to an auditor appointed under subclause (4) all accounts and relevant documents relating to the administration of the debtor’s affairs.

Within 20 working days after the discharge of the debt repayment order, the supervisor must provide the Assignee with a statement of receipts and payments.

This regulation does not apply if the supervisor has used the Assignee’s trust account for receipts and payments under the order.

For the purposes of section 351, instalments paid to the supervisor under a debt repayment order must be paid into—

All payments out of the trust account or bank account must be by cheque or electronic funds transfer.

If the supervisor elects not to use the Assignee’s trust account for payments to the supervisor, the supervisor must personally bear the cost of the fees and other expenses incurred in maintaining the bank account that is used for the purpose.

Unless the order provides otherwise, payments to creditors must be made as follows while the debt repayment order is operative:

However, if a dividend (other than a final dividend) is less than $20, the supervisor may hold that and subsequent dividends over until the accumulated dividend to be paid exceeds $20.

Despite anything in these regulations, the supervisor may, if he or she thinks fit, liquidate a debt if the total of the debt payable to the creditor under the order is less than $200, in preference to other admitted debts of greater amount.

For the purposes of section 346(2), the amount that the supervisor may charge the debtor is 7.5% of the value of the assets of the debtor that are recovered by the supervisor.

An application for entry to the no asset procedure under section 362(1) must—

The application must contain the following information:

The application must be accompanied by a statement of affairs that complies with regulation 6.

The prescribed means test for the purposes of section 363(1)(e) is whether, taking into account the income of the debtor personally and that of any relative with whom the debtor lives, the debtor has a surplus of money after paying the household’s usual and reasonable living expenses.

A notice under section 367(1) must—

A notice of termination under section 373(2) must—

The Assignee may refuse access to a public register maintained under section 62, 354, or 368, or suspend the operation of it, for any of the following additional reasons:

For the purpose of section 449(1)(o), a public register maintained under section 62, 354, or 368 must contain the following information in relation to a person who is or has been bankrupt, or who is subject to a current summary instalment order, or who is currently admitted to the no asset procedure, or who has been discharged from that procedure under section 377:

For the purpose of section 453(1)(g), the public registers may be searched by reference to the New Zealand Business Number (if any) of any of the following:

When, under the Act or these regulations, the Assignee must advertise a document, proceeding, or other step to be taken, the Assignee must advertise it by publishing it—

An advertisement by the Assignee may advertise a document, proceeding, or other step in relation to more than 1 bankruptcy or other administration of an estate.

This regulation applies when a person (A) must file, lodge, or submit a document or notice with or to the Assignee.

In the case of an application under section 49 (debtor’s application for automatic adjudication), 341 (application for a debt repayment order), or 362 (application for admission to no asset procedure), A must either—

In all other cases, A must take, fax, or post the document or notice to the Assignee.

A notice or document that must, under the Act or these regulations, be served on or sent to any person by the Assignee, and is not by the Act or these regulations directed to be served personally, may be sent by ordinary letter post addressed to the last known place of business or abode of the person.