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Sale of property jointly owned by bankrupt persons and others

Nick Coyle made this Official Information request to Ministry of Business, Innovation & Employment

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From: Nick Coyle

Dear Ministry of Business, Innovation & Employment,

Pursuant to the Official Information Act 1982, I request the following information in relation to the administration of bankrupt estates over the last five years:

The number of bankrupt estates administered in which the bankrupt was a joint owner of real property.

The average length of time between the date of adjudication of bankruptcy and the date of sale of such jointly owned property.

The number of instances where jointly owned property has been sold by way of auction.

The number of instances in which the Official Assignee has applied to the Court for an order that jointly owned property be sold.

The average length of time between the date of adjudication of bankruptcy and the date on which the Official Assignee applied to the Court for such a sale order.

Whether the Official Assignee has any policy, practice, or guideline relating to:
a. seeking agreement from a joint owner of property that the property will be sold by way of no reserve auction if it has not sold after a specific period of time being marketed;
b. charging rent to any occupier of jointly owned property vested in the Official Assignee; or
c. seeking an adjustment or allowance where the non-bankrupt co-owner has occupied the property prior to sale.

Copies of any policies, practice notes, or internal guidelines that set expected timeframes for:
a. commencing marketing of jointly owned property;
b. the maximum reasonable period property may be marketed before seeking a court order for sale;
c. taking into account the interests of creditors of the bankrupt in selling jointly owned property.

Instructions to agents and valuers
a. Information about the OA’s standard procedures for appointing real estate agents, obtaining valuations, and setting reserve prices for jointly owned property.
b. Copies of any template instructions or policies used when engaging agents or valuers.

I would appreciate this information in electronic form by email. If any part of this request is likely to be refused under the Act, please provide reasons and release any information that can be made available.

Thank you for your assistance.

Yours faithfully,

Nick Coyle

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From: NoReplyMinisterialServices
Ministry of Business, Innovation & Employment

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Kia ora Nick Coyle,
 
On behalf of the Ministry of Business, Innovation and Employment I
acknowledge your email of 5/09/2025 requesting, under the Official
Information Act 1982, the following:
 
Pursuant to the Official Information Act 1982, I request the following
information in relation to the administration of bankrupt estates over the
last five years:

The number of bankrupt estates administered in which the bankrupt was a
joint owner of real property.

The average length of time between the date of adjudication of bankruptcy
and the date of sale of such jointly owned property.

The number of instances where jointly owned property has been sold by way
of auction.

The number of instances in which the Official Assignee has applied to the
Court for an order that jointly owned property be sold.

The average length of time between the date of adjudication of bankruptcy
and the date on which the Official Assignee applied to the Court for such
a sale order.

Whether the Official Assignee has any policy, practice, or guideline
relating to:
a. seeking agreement from a joint owner of property that the property will
be sold by way of no reserve auction if it has not sold after a specific
period of time being marketed;
b. charging rent to any occupier of jointly owned property vested in the
Official Assignee; or
c. seeking an adjustment or allowance where the non-bankrupt co-owner has
occupied the property prior to sale.

Copies of any policies, practice notes, or internal guidelines that set
expected timeframes for:
a. commencing marketing of jointly owned property;
b. the maximum reasonable period property may be marketed before seeking a
court order for sale;
c. taking into account the interests of creditors of the bankrupt in
selling jointly owned property.

Instructions to agents and valuers
a. Information about the OA’s standard procedures for appointing real
estate agents, obtaining valuations, and setting reserve prices for
jointly owned property.
b. Copies of any template instructions or policies used when engaging
agents or valuers.
 
We will endeavour to respond to your request as soon as possible, and no
later than 3/10/2025, being 20 working days after the day your request
was received. If we are unable to respond to your request by then, we will
notify you of an extension of that timeframe. If you have any enquiries
regarding your request feel free to contact us via email to
[1][MBIE request email].
 
Nāku noa, nā
Ministerial Services
Strategy and Assurance
Ministry of Business, Innovation & Employment
15 Stout Street, Wellington 6011 |  P O Box 1473 Wellington 6140

References

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1. mailto:[MBIE request email]

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From: Joanne McCarthy

Attachment R BPM 39 Real Property.pdf
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Attachment coyle OIA.pdf
234K Download View as HTML

Attachment R Real estate no equity letter to joint owner.pdf
698K Download View as HTML

Attachment R Real estate equity 3 option letter 1.pdf
729K Download View as HTML

Good Morning Mr Coyle

 

Please find attached a letter and documents in relation to your request
for information dated 05 September 2025.

 

Kind regards

 

 

Joanne McCarthy

DEPUTY ASSIGNEE

PRINCIPAL ADVISOR

Insolvency and Trustee Service

Ministry of Business, Innovation &  Employment

 

Freephone: 0508 467 658

Save time, do it online | [1]www.insolvency.govt.nz

 

NZBN 9429000106078

 

 

References

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1. http://www.insolvency.govt.nz/

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