Personal Insolvency Agreements
Personal Insolvency Agreements (“PIAs”) are a formal arrangement under Part X of the Bankruptcy Act 1966. The agreement arises where a proposal is put to and accepted by creditors. What is proposed is limitless but should generally provide a better return than a creditor would expect if you became bankrupt.
PIAs are better suited to individuals that have access to assets or funds that would not be available in bankruptcy and have earnings and/or assets greater than the statutory limits set for Part IX agreements.
Individuals wanting to utilise this option need to appoint a Controlling Trustee and where the proposal is accepted by creditors, a Trustee of the PIA. Our team of Registered Trustees are experienced in all aspects of Part X of the Bankruptcy Act and the myriad of possible proposals that suit an individual’s circumstances.