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.