In a recent decision the New Zealand High Court has held that Kiwisaver funds are not available to creditors of a bankrupt who had died: Official Assignee v Ashby [2017] NZHC 917.

A bankrupt died before the the period of bankruptcy had ended. He had a "Kiwisaver" fund. Kiwisaver is a New Zealand retirement savings scheme. There were substantial claims against the deceased estate by unpaid creditors. The Offical Assignee made a claim against the deceased estate in respect of the Kiwisaver fund which fell to be considered by the High Court. It is understood to be one of the first claims of its kind by the OA. The background is that there are currently about 3,400 undischarged bankrupts with Kiwisaver accounts with a total value of about NZ$20 million. The Court held that a provision of the Kiwisaver Act 2007 which states that a Kiwisaver fund is not assignable prevents Kiwisaver funds vesting in the OA. Critically the Court determined that this statutory provision continued to apply after the death of a bankrupt.