Variable: Built-in>Current date - long format
Variable: Built-in>Recipient Name
Variable: Built-in>Recipient Address multi-line
Variable: Estate>Estate name
Variable: Estate>estateNumber
I am writing to you as a joint owner of the property at [enter description] (“the Property”) with
Variable: Estate>Estate name who was adjudicated bankrupt on Variable: Estate>Adjudication date.
On adjudication the bankrupt’s property vests in the Official Assignee (“Assignee”) under section 101
of the Insolvency Act 2006, which means the Assignee now owns their share of the Property jointly
with you. Accordingly, Variable: Estate>Estate name is not legally able to deal with the Property in
any way. This means should you decide to sell the Property then you will need the Assignee to be
involved in the sale process as the bankrupt now has no standing in the Property.
An assessment of the equity in the Property has now been completed and the Assignee has
determined that there is no equity / low equity [delete as appropriate] in the Property. Even where
there is no equity / low equity [delete as appropriate] in the Property the Assignee must deal with
under the
the Property to realise [enter his / her] interest in it. There are 2 options available to you:
1. The Assignee could transfer [enter his / her] share of the Property into your name at your
cost or for the value of the low equity, if greater than the cost. This will provide you with full
ownership of the Property and enable you to deal with the Property in the future without
any concerns. If you would like to take up this option, please let me know and I will calculate
how much you would need to pay. In addition to paying the Assignee’s costs you will need to
pay for your own lawyer’s costs.
2. If you are not able to, or do not wish to purchase the Assignee’s interest in the Property, the
Released
Assignee will provide notice to [enter mortgagee’s name] who has the mortgage over the
Property that there is an interest in the Property held by the Assignee and that should the
Property be sold by the mortgagee then the bankrupt’s share of the Property must be paid
to the Assignee.
It is the preference of the Assignee that the Property is dealt with in accordance with Option 1 as
Official Information Act 1982
this enables the Property to be dealt with now and provides a clear position to move forward for
both of us. Should you choose Option 2, please be aware that while the Assignee may not take any
steps at this point to deal with the property, the situation will be reassessed every 12 months,
including a reassessment in the final year of the bankruptcy. This may result in the Assignee taking
steps to sell the property, at a later date.
The Assignee encourages you to seek your own legal advice when making this decision.
Please confirm by [enter date] which option you would like to take.
Yours faithfully
Variable: Built-in>Current user's signature
Variable: Built-in>Current user's name
for Official Assignee
Variable: Built-in>Current user's telephone number
Variable: Built-in>Current user's email address
Variable: Built-in>Current user's correspondence address
NZBN 9429000106078
under the
Released
Official Information Act 1982
