Posts Tagged ‘debt recovery’

What happens to Kiwisaver funds in bankruptcy?

April 24, 2015

fraud The Court of Appeal has recently confirmed what happens to a Kiwisaver account when a person is made bankrupt. The short answer is the bankrupt gets to keep their money.

Since the introduction of the Kiwisaver legislation there has been confusion and uncertainty around what happens to a person’s Kiwisaver account once they are made bankrupt. This uncertainty is caused by two seemingly incompatible provisions contained within two different Acts. On one hand the Insolvency Act says that all the bankrupt’s property belongs to the Official Assignee (the government employee who manages bankruptcies), Kiwisaver funds are property so those funds would belong to the Official Assignee. However, on the other hand the Kiwisaver Act says that unless a law ‘specifically’ requires the withdrawal of Kiwisaver funds then it is not possible to withdraw the funds unless the person is suffering financial hardship.

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Latest EJ update

December 22, 2010

johnny automatic Christmas wreathThe latest EJ update is available here.

In this issue:

  • Trust review
  • A commercial property opportunity in Te Awamutu
  • New debt recovery service
  • Update on gift duty changes
  • Stay informed with email alerts from the Edmonds Judd website

If you wish to discuss anything in the EJ update please don’t hesitate to contact us.

Edmonds Judd will be closed for the holiday period from 12:00 pm on Thursday, 23rd December 2010. The office will reopen on Monday 10th January 2011 with a skeleton staff between the hours of 9:00am and 3:00pm. A full complement of staff will be available from 8.30am Wednesday, 19th January 2011.

Have a merry and safe holiday!