A personal insolvency agreement is a debtor and his/her creditors which offers payment in full or part by instalments or a lump sum. The offer must be accepted by a special resolution of creditors (majority in number and at least 75% in value). There are no debt, asset or income limits to be eligible to propose a personal insolvency agreement.

The debtor appoints a controlling trustee who will investigate his/her affairs and report to creditors. Should creditors accept the proposal, a trustee must administer the agreement.

We can assist to formulate and present a proposal on behalf of a debtor to his/her creditors that will be both achievable and timely when compared to the alternative of bankruptcy