Insolvency Services Australia are well regarded as leading corporate and personal insolvency specialists. Our founding partner has a strong industry reputation and has been registered as a liquidator since 2003 and a registered trustee in bankruptcy since 2004. With all that experience we are well equipped to help Australians to get out of debt fast!
For individuals with substantial amounts of personal debt, the most recommended and practical solution is often to enter into a Personal Insolvency Agreement. A Personal Insolvency Agreement is a legally binding arrangement established between you and your creditors, whereby you offer to pay back your outstanding debts in full or in part, by instalments or a lump sum, without any further interest or charges.
Once you have determined that you wish to propose a Personal Insolvency Agreement, you need to appoint yourself a Controlling Trustee. The Controlling Trustee drafts your proposal, makes enquiries into your financial affairs and reports to your creditors.
Your proposal for a personal insolvency agreement is then offered to your creditors. If the proposal is accepted, the creditors are bound by the terms of the agreement and are forced to freeze your debts, and every one of them is paid the same percentage of their admitted debt.
During the period of a Personal Insolvency Agreement, unlike bankruptcy, your travel privileges are unrestricted. You won’t be subjected to a yearly assessment of your income and your business, if you have one, is able to continue its operations rather than being terminated.
For more information on personal insolvency or for impartial and obligation-free advice on the other services available at Insolvency Services Australia, please contact 1800 003 883.