Personal Insolvency Agreements

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Personal Insolvency Agreements

Formal arrangements that provide a better return for creditors than your bankruptcy

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.

Capabilities

Insolvency is a highly specialised area of accounting and, practically, is close to a hybrid profession between commercial law and management consulting. The truth is that there is very little “number crunching” in insolvency work and lots of investigative research and asset recovery work.

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Case Studies

Our client was a secured creditor to a solar panel retailer and installer operating in 3 States. Whilst our client had a nominee Director sitting on the Board of the Company, the information available was late, inaccurate and focussed on the wrong metrics.

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Feel free to contact us on +03 9670 0080

We know that bad news never gets better with time. The simple truth is that businesses fail and then they die. That means that in each and every case, there’s a window of time when the damage can be minimised. That’s why it’s important to act early – but that doesn’t mean rushing in blindly.

Our Details

BPS Reconstruction | Insolvency & Recovery Specialists | Level 5, 350 Collins Street MELBOURNE VIC 3000
Phone: 03 9670 0080 | Fax: 03 9670 0080 | Email: info@bpsreconstruction.com.au
GST-Number: 56473643

Located in  Melbourne, the firm of BPS Reconstruction represents clients throughout Australia, including, but not limited to the cities of …..

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