We have just moved to New Zealand with no assets except an old car, TV etc - no property or savings.
We have had a finance agreement with a company that pay our creditors on a monthly basis - I think an IVA.
As we have a lower income and I am the sole wage earner, I can no longer afford to pay the monthly payments.
Can I declare myself bankrupt from NZ (I have been resident in the uk all of my life until March 2009) will this affect life here in NZ? We have no intention of gaining credit, rent a property and are just managing to keep our heads above water.
You can declare BR if resident in NZ however you will either need to come to the UK (RCOJ, London) to petition or get a 3rd party to represent you. One of the forum experts (Paul from RevivaUK) are experienced in this process so it may be worth contacting then to talk this through. Use the 'experts' link on the left of the page and their details are shown.
You can also include any NZ debts in your BR if you wish. I doubt if the NZ financial authorities will check your UK credit rating when you apply for a bank account, CC, mobile phone, etc. so the effect should be minimal if at all.
Edited by - gettingoutofdebt on 19 May 2009 10:41:55
You should also check whether you do have an IVA or not as this will have had to fail before you can declare BR. You will also need the failure certificate to show the judge to declare BR. Check with the company that pays the creditors as to exactly what the agreement is as it may be a DMP rather than an IVA.
You will first need to establish whether or not you are in an IVA or in a Debt Management Plan(DMP) - If you are in an IVA you will need to have this 'fail' and a certificate issued by your Insolvency Practitioner before you would be able to file for bankruptcy. There are no such restrictions if you have a DMP
It is possible to file for bankruptcy whilst resident outside the UK but you will need to appoint a 'representative' to act for you. I highly recommend you contact Paul Johns of Reviva (see experts link on left hand side of screen)Paul regularly assists people in similar circumstances.
Hope his helps, and good luck in NZ you lucky man, I have often considered moving myself as they have similar Insolvency Laws
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
Can I declare myself bankrupt from NZ
Posted - 19 May 2009 : 09:59:32
