OVERVIEW

A Personal Insolvency Agreement (PIA) is a legally binding arrangement between an individual and their creditors.

How does it work? Simply put, an individual facing financial hardship offers to pay their creditors in full or in part by instalments or a lump sum.
A Personal Insolvency Agreement is a flexible option and a viable alternative to bankruptcy if the agreement is attractive enough to the creditors.
At Rapsey Griffiths we’ve assisted individuals set up and execute Personal Insolvency Agreements. At times PIAs can be complex, from appointing a controlling trustee who will investigate your affairs and report to your creditors, to the details of the agreement itself, our team is ready to offer high calibre support and expert advice. We’ll help you understand the entire process and map out everything with a clear plan.
Read the Australian Government’s resources on Personal Insolvency Agreements.

What to expect from a Personal Insolvency Agreement

  • Lump sum payments to creditors (possibly involving funds from a third party).
  • The transfer of assets to creditors.
  • The sale of assets, and payment of the proceeds to creditors.
  • A repayment arrangement with creditors.
  • Any combination of the above.

OTHER PERSONAL SERVICES

GET AN AGREEMENT THAT WORKS FOR YOU

We’ve worked with many debtors and creditors to devise personal insolvency agreements.

LET'S TALK

OUR INFO

PHONE
1300 727 739
FAX
(02) 4926 8888

MAIL
PO Box 613,
Newcastle NSW 2300