IRD and Student Loan Debt, New Zealand
  • Home
  • Testimonials
  • Options
  • Planning
  • Blog
  • About
  • Contact

Bankruptcy and self employment

9/5/2018

 
A common question we get asked is: Can I be self employed if I become bankrupt?

If you are living overseas and your business does not involve New Zealand, the good news is that currently, not only can you be self employed, you do not need to apply for permission to be self employed. If your business involves New Zealand this may or may not apply and in that case the situation needs to be considered in more detail. Other things for you to consider include:
​
  • If there are, or will be, assets in the business now or during the bankruptcy.
  • Any impact on being a company director.
  • How and when to report your income to the Official Assignee during the bankruptcy if your income is lumpy. The good news is that this can be negotiated.
  • Any impact on lending to the business. In most cases foreign lending is not impacted but this is something that you would need to check with the lender if you are worried.

If you are a bankrupt living in New Zealand the situation is very different. You must not be self employed without first obtaining permission. If you do not obtain permission this may be a criminal offence. You cannot assume that permission will be granted.​

Any questions? Please ask.

Comments are closed.

    Archive

    November 2020
    September 2020
    August 2020
    July 2020
    May 2020
    April 2020
    January 2020
    December 2019
    November 2019
    October 2019
    June 2019
    May 2019
    March 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    September 2017
    July 2017
    May 2017
    April 2017
    March 2017
    February 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    June 2016
    April 2016
    January 2016
    November 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    September 2013
    August 2013
    July 2013
    June 2013

 ______________________________________________
© Tax Debt Limited.  Email:  help@taxdebt.org.nz