We currently have 2 properties in wa Australia. With current market and covid 19 our mortgages are higher than the value

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Customer: Hi, we currently have 2 properties in wa Australia. With current market and covid 19 our mortgages are higher than the value of properties. It we were to go bankrupt in Australia would nz assets be at risk? Also Australian superannuation and kiwisaver?
JA: Have you talked to a lawyer about this?
Customer: No, I'm trying to get a rough idea before we go into formal details and work with a lawyer
JA: What steps have you taken so far?
Customer: I have done some self research and spoken to more than 1 person who has had had personal experiences.
JA: Anything else you want the Lawyer to know before I connect you?
Customer: My next step is to get proper legal advice to gain more clarity, but saw this which says you may be able to offer broad advice
Answered by Chris The Lawyer in 24 mins 2 years ago
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Chris The Lawyer
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Chris The Lawyer, Expert

Hi
I am a New Zealand lawyer based in Wellington and will help you with your question today. Please give me a minute to read your question
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Chris The Lawyer, Expert

If you apply for bankruptcy in Australia all your Australian assets can be taken in your bankruptcy. Your New Zealand assets are not taken, but the Australian bankruptcy can be brought over to New Zealand and then you he assets would be taken. However under the current law the KiwiSaver is protected. It isn’t common for the Australian bankruptcy to be enforced in New Zealand although it is possible
Customer
Thank you for your reply. So if we were to buy a business or something here there is a possibility we could lose our supers in Australian and the business here too, but just not kiwisaver
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Chris The Lawyer, Expert

Yes, that is correct

Customer
I really appreciate your information. It unfortunately is what I thought. If we need to gain a more in depth understanding of our personal circumstances I will contact you again. Many thanks
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