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.