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Financial Supervision

Financial Supervision

Survive and thrive after bankruptcy with help from Adept Financial Supervision

Bankruptcy happens to people in all types of situations. Financial supervision allows you to recover from it in good shape

Are you self employed and have been bankrupted? Do you wish to continue working for yourself? If so, you will need a Financial Supervisor. Financial Supervision exists to assist bankrupts with their dealings with the Official Assignee and to help get you back on track – it is a must for most self employed bankrupts, but can be used to ensure you do not find yourself out of your depth prior to insolvency too.

 
For bankruptcy help and support contact Adept Financial Supervision today and leave the rest to us. Adept Financial Supervision helps self employed bankrupts throughout New Zealand for an affordable monthly fee.
How we can help

A financial supervisor helps you feel in control again by taking care of debt management, and your business accountancy

Financial supervisors exist to help your business operate profitably and efficiently. In addition to invoicing, PAYE and the myriad day-to-day accounting services needed to run a business, Adept Financial Supervision’s owner Bev – an accomplished tax compliance officer with more than 20 years experience in bookkeeping – will make sure your business is compliant with the Inland Revenue Department, a requirement in all businesses, but especially important if you are bankrupt. 
 
Our goal is to get everything ship shape for you so you can continue applying your skills in your business, during and after bankruptcy. Adept Financial Supervision will ensure all repayments are made and handle your day to day financial administration requirements including accounting.
 
Bev can also educate and guide your understanding of business accounting throughout the process. With a solid understanding of accounting under your belt you will experience a greater sense of awareness and empowerment which often carries into your other business dealings in profound ways.
In the office
Why Choose Us

The four most important benefits of using Adept Financial Supervision

1. You get to stay in business


If you are bankrupt it is a requirement to have financial supervision if you want to continue operating your business. So, the #1 greatest benefit is that you get to continue operating.

2. You'll receive affordable financial services

We have a competitive price structure on all financial services available with no hidden fees. A financial supervisor helps to provide a precise set of services needed for bankruptcy.

3. You will feel like a person, not a number


Adept Financial Supervision is people centred. We have compassion and empathy for your situation and understand that life isn't always plain sailing.

4. Your business will feel healthy and organised

Adept Financial Supervision uses Xero Software for full transparency and greater organisation. You will know exactly what is coming in and going out each month. You will also have Bev there to help at all times.

FAQ

Frequently asked questions about bankruptcy

It usually lasts three years, but in most cases it will remain on your credit record for up to seven years.

Yes. Your appointed Assignee will advertise the order or adjudication in the Gazette, on the Insolvency and Trustee Service and in your local newspaper.

You will need to have a discussion with Inland Revenue regarding your student loan. We can assist with these negotiations.

You are required to have financial supervision if you are bankrupt and wish to continue operating a self-employed business. You are required by the Official Assignee to demonstrate your ability to run your business profitably, and this relies on quality systems,  and robust accounting.  Financial supervision covers everything from cash flow management to budgeting.

You can keep tools needed for your work (up to a certain value), necessary household furniture and effects (up to a certain value), a motor vehicle worth up to $6,000, money up to a maximum of $1,200 and items on hire purchase, but you’ll have to continue making payments.

Advice for small business owners who are starting out and want to

Avoid bankruptcy

To succeed financially in business you need to manage cashflow efficiently and have enough capital available to cover expenses. You also need to have good systems in place for managing your tax so that the Inland Revenue Department doesn’t come knocking.
 
Here are three bits of advice if you are starting out:
 
1. Accounting is essential. It highlights where you are spending your money, how you are spending it, and also helps you identify areas that need adjustment. Set up a thorough accounting practice from day one. Many accounting software programmes are set up to assist you with this. Adept Financial Supervision uses Xero accounting software but there are many others.
 
2. Monitor your use of business loans and credits cards. If you have a business credit card, business lines of credit or a business loan that’s fine. It can be a valuable tool for helping you get through a slow month. Just be smart about your choices. Aim for low interest rate options and make sure you pay on time each month.
 
3. Put together a realistic budget and stick to it. Keeping a budget is life changing. It can help you decide if a major purchase is viable or not. It also helps you keep track of your outgoings so you can determine if the outlay is worth the investment.
Freelance stress. Male freelancer tired after work on laptop at home, having problems with project
This advice may sound simple enough, but in truth many small business owners in New Zealand are often too busy working in the business to focus on the business – and that’s when cracks start to appear. 

Contact Bev

To discuss preventative financial supervision or receive bankruptcy advice. Our services can be accessed in person, online or over the phone making it easy for bankrupts throughout New Zealand to receive help when it’s needed most. If you live in Christchurch, Auckland or anywhere in between contact Bev today.

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