LISTEN: Do we fully understand what is involved when it comes to declaring bankruptcy?
Russell Fildes is the National Manager of MBIE's Insolvency and Trustee Services unit. He joined Magic Talk's Danny Watson and Leah Panapa to explain how bankruptcy in New Zealand works.
"When you're adjudicated bankrupt, you are subject to some restrictions.
"One thing is that you cannot be a company director anymore. However, if you're self-employed, you can continue that business but you need to get the consent of the official assignee," Fildes told Magic Talk.
He says there is quite a process for a person to go through to apply for consent to be self-employed.
"If it's a smaller contracting kind of business, where the person is doing it themselves, that might be something they'd be able to do under their own name," Fildes said.
Listen to the full interview with Russell Fildes above.