Are there Alternatives to Bankruptcy?

Yes! Informal Agreements, Debt Agreements and Personal Insolvency Agreements.

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Personal Insolvency Agreements

If you are having trouble paying your personal debts, and if you are constantly being harassed by creditors, it may be that you are trading insolvent

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Insolvency Agreements

Understanding Your Debt And Personal Insolvency Options

An individual may be faced with serious personal debt but may not want to declare, or to be forced into bankruptcy. Thankfully, there are legal alternatives to bankruptcy.

Obviously, there are the informal agreements that one may make with creditors but there are also formal options under the Bankruptcy Act.

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Debt Agreements and Personal Insolvency Agreements are distinguished by levels of debt and income and will usually require a debtor make a formal offer that results in a better return to their creditors than they would receive under a bankruptcy scenario.

While there may be some cost differential between these agreements and bankruptcy, there are benefits of Debt Agreements and Personal Insolvency Agreements that include:

Agreements and Personal Insolvency Agreements that include:

  • That repayments should be set at a level that is affordable to the debtor
  • The debt can be paid over any period as agreed with the creditors
  • The debt level is usually compromised or reduced to receive something less than 100 cents in the dollar
  • The unpaid debt is written off once the repayments under the agreement are fulfilled
  • Interest charges are usually frozen
  • Bankruptcy is avoided and therefore none of the restrictions of bankruptcy apply

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We are a specialist insolvency practice providing free 24 hour advice to company directors & individuals throughout all states & territories of australia.

Our highly experienced & trusted professionals are qualified, licensed & regulated by the asic.

Established in 2006, we were the original, low cost liquidation provider and have since helped thousands of directors and hundreds of companies in a wide array of industries.

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