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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22475
Experience:  37 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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My mother & Father have just been made bankrupt! They owe

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Hi there my mother & Father have just been made bankrupt! They owe money to 3 different creditors! Is it possible to pay each creditor off with assets rather than one lump sum to the insolvency agent!? Thanks Bennett

They need to deal with the Official Assignee, who will not likely want assets unless they belong to the bankrupts. What are you proposing to pay with?

Customer: replied 4 months ago.
Sorry not Assets! With Money! So the idea is to maybe pay land lease money owed plus rates, and then pay IRD there money once the true amount of there debt is known! Once our accountant sorts it out?

You can pay the debts then apply for the bankruptcy to be cancelled. If you ask the Official Asssignee what the debts are which have been proved in the bankruptcy, they will tell you how much is needed to end the bankruptcy. You have to pay the money to the Official Assignee who will then pay the creditors, and will have some costs of their own as well, and then they will consent to the annulment of the bankruptcy

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