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
Variable: Estate>Estate name was declared bankrupt on Variable: Estate>Adjudication date. The
Official Assignee is administering the bankruptcy. Under the Insolvency Act 2006 all property owned
by the bankrupt now vests in the Official Assignee.
Property at [text here]
The property at [enter address] is recorded as being owned jointly by you and the bankrupt. Our
enquiries indicate that there is equity in the property.
To calculate the equity we have obtained:
under the
• a registered valuation to confirm the property value.
• current information as to what is owed on the mortgage(s)
I have completed a calculation which I have attached to this letter. The bankrupt’s equity (or
interest) is shown as $[enter text].
Your options
In accordance with sections 101 to 105 Insolvency Act 2006, I now hold the bankrupt's interest and
must take steps to recover this. This can be done in one of three ways:
Released
a. You can purchase from me the bankrupt's equity in the property. The amount has been
assessed as $[enter text].
b. The property is placed on the market and sold. Whilst you will be given an opportunity to
have your input as a joint owner, the Assignee will conduct the sale process. Your share of
the net proceeds would be paid to you.
Official Information Act 1982
c. If you are not agreeable to either (a) or (b) I can apply to the High Court for an Order of
Partition and Sale in terms of section 339 of the Property Law Act 2007. This will have the
effect of reducing the amount payable to you as it will involve additional legal costs.
What you need to do
I strongly suggest that you seek independent legal advice before making any decision. If you do not
currently have a solicitor, you may wish to contact your local Citizens Advice Bureau or Community
Law Centre.
Please contact me before [enter date] so we can discuss these options further.
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
Equity Calculation Variable: Estate>Estate name (Bankrupt)
Address:
Variable: Asset>propertyAddress
CT Number:
Variable: Asset>propertyCtNumber
Valuation
$0.00
less
Mortgage
$0.00
Mortgage
$0.00
Caveat
$0.00
Rates
$0.00
Agent’s commission
$0.00
GST (if applicable)
$0.00
$0.00
$0.00
Number of owners
Divided by (number)
(text)
Bankrupt's equity
$0.00
under the
Released
Official Information Act 1982
