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Debt Agreements - Part IX of the Act
A Debt Agreement is a legal alternative to Bankruptcy.
The Debt Agreement allows a debtor propose a formal arrangement with his/her creditors to discharge the outstanding debts either over time or for a lesser amount.
A Debt Agreement is far more flexible and has less restrictions and obligations on the debtor than if a formal bankruptcy was required. Further, a Debt Agreement, if agreed, binds all creditors to the proposal and will protect the debtor from bankruptcy provided he/she complies with the terms of the agreement.
A Debt Agreement requires creditor approval and will usually operate over a three to five year period.
- What is a Debt Agreement?
- What are the voting Requirements for a Debt Agreement?
- What are the eligibility criteria for entering into a Debt Agreement?
- What are the advantages of a Debt Agreement?
- What happens if the Debt Agreement is rejected by creditors?
- How will a Debt Agreement affect my credit rating?
- Will I have to sell my house in a Debt Agreement?
Liquidation Experts, Liquidation and Bankruptcy Specialists, Liquidators Registered with ASIC, Bankruptcy Trustees Registered with ITSA, Insolvency and Liquidation Advice, All forms of corporate and personal insolvency, Liquidation throughout Australia, Part IX Debt Agreements, Part X Personal Insolvency Agreement, Bankruptcy Experts.