Personal Insolvency Agreements

One of the key alternatives to bankruptcy is a Personal Insolvency Agreement.

This involves an insolvent debtor appointing a Controlling Trustee who assists in preparing a formal proposal to the debtor’s creditors.

The Controlling Trustee is also required to undertake an investigation of the debtor’s affairs and prepare a Report regarding the proposal and the likely returns to creditors

This proposal is an alternative to bankruptcy and requires the approval of most (not all) creditors at a meeting.

The Partners of BPS Reconstruction have administered several hundred PIA’s and are able to advise on commercially sensible proposals to creditors under a Personal Insolvency Arrangement as an alternative to bankruptcy.