https://www.scoop.co.nz/stories/BU1504/S00553/kiwisaver-balances-off-limits-in-a-bankruptcy.htm
|
| ||
KiwiSaver balances off limits in a bankruptcy |
||
21 APRIL 2015
KiwiSaver balances off limits in a
bankruptcy - Court of Appeal
A bankrupt's KiwiSaver account balance is off limits to the Official Assignee. Even if it were not, the Official Assignee could not use the bankruptcy to invoke the hardship-based early withdrawal provisions in the KiwiSaver Act 2006.
This is the effect of a Court of Appeal judgment, delivered on Friday. Although justifiable in policy terms, the decision raises issues about the appropriate balance between promoting retirement savings and protecting creditor rights.
ends