Nulla bona is a Latin legal term meaning "no goods" – a sheriff writes this when he can find no property to seize to pay off a court judgment. Synonymous with return nulla bona, it denotes the return of a writ of execution signifying that the officer made a strict and diligent search but was unable to find any property of the defendant liable to seizure under the writ, whereof to make a levy.
It may also be used as a plea by a garnishee, denying that he holds property of, or is indebted to, the defendant.
The nulla bona is issued by the Master of High court if after the issue of a warrant of execution, the attached property of the debtor is found to be insufficient to suffice for the payment of creditors.
References
Nulla bona Wikipedia(Text) CC BY-SA