How to apply for bankruptcy when immigrating to New Zealand

In New Zealand, if you run poorly or lead to personal consumption? Insolvency? And it is not sustainable. Getting up every day is endless calls and emails for debt collection, and even door-to-door debt collection. Maybe your last resort is to publish? Bankrupt. Yes. In New Zealand, many people declare bankruptcy every year for various reasons. Although there are few precedents for Chinese friends in New Zealand to declare bankruptcy, the webmaster of New Zealand still hopes to popularize it for everyone. If New Zealand individuals declare bankruptcy, what kind of restrictions will they face and what kind of responsibilities they need to bear.

New Zealand Personal Bankruptcy Liability

In New Zealand, being declared bankrupt as an individual will not harm anyone, nor will it affect your viability. At least the basic right to subsistence can be guaranteed, but the bankrupt needs to bear the following responsibilities:

Keep smooth communication with the official assignee and try to cooperate with their work;

If the name, address, employment situation, employment conditions and income of the bankrupt change, the legal trustee shall be notified at any time;

If other personal information changes, it should also inform the legal trustee in time;

Bankruptcy will not affect your tax changes after bankruptcy, so even if the bankrupt still has any kind of income after bankruptcy, he still needs to pay taxes and declare and pay taxes according to IRD regulations.

What are the restrictions on personal bankruptcy in New Zealand?

The bankruptcy applicant cannot be the manager, director or supervisor of a limited liability company;

Concealing information from the legal trustee or trying to mislead the legal trustee;

If the credit debt applied to others (or other companies or credit institutions) exceeds 1000, the other party must be informed that it is bankrupt at present;

Hide any kind of assets;

Prevent or attempt to prevent or hinder the legal trustee from handling your assets or property;

Don't leave New Zealand until you get permission;

Before obtaining special permission, it is not allowed to enter, control or partially control (manage) any type of enterprise;

You are not allowed to work in a relative's enterprise before obtaining special permission.