PDSolutions Phone - 1300 353 203 Email - info@pdsolutions.com.au
PDSolutions offers a range of highly professional services to give you debt relief.
PART IX DEBT AGREEMENT
A formal debt agreement is a simple way for people to settle debts with their creditors through a formal, legislative accord. Formal debt agreements are a simple and cost effective alternative to bankruptcy.
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A formal debt agreement is a simple way for people to settle debts with their creditors through a formal, legislative accord. Formal debt agreements are a simple and cost effective alternative to bankruptcy.
READ MORE
BANKRUPTCY
Bankruptcy generally lasts for a period of three year or extended with particular circumstances and is declared if you are unable to pay your debts and cannot come to suitable repayment arrangements with your creditors. You may voluntarily petition to become bankrupt.
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Bankruptcy generally lasts for a period of three year or extended with particular circumstances and is declared if you are unable to pay your debts and cannot come to suitable repayment arrangements with your creditors. You may voluntarily petition to become bankrupt.
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PART X - PERSONAL INSOLVENCY AGREEMENTS
A personal insolvency agreement is a flexible way for our clients to come to an agreement with their creditors to settle debts without becoming bankrupt. There are no income, asset or debt limits.
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A personal insolvency agreement is a flexible way for our clients to come to an agreement with their creditors to settle debts without becoming bankrupt. There are no income, asset or debt limits.
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RECEIVERSHIP
We can assist with your receivership however more information can be obtained by appointment only.
We can assist with your receivership however more information can be obtained by appointment only.
COMPANY VOLUNTARY ADMINISTRATION
We can assist with your company voluntary administration however more information can be obtained by appointment only
We can assist with your company voluntary administration however more information can be obtained by appointment only
MORTGAGE REFINANCING
There must be equity in your current mortgage, you must have regular income, you must have a clean credit record for us to assist with your Mortgage Refinancing, more information can be obtained by appointment only.
There must be equity in your current mortgage, you must have regular income, you must have a clean credit record for us to assist with your Mortgage Refinancing, more information can be obtained by appointment only.
Part IX Debt Agreement
A debt agreement consolidates all of your debts. All the debts need to be unsecured and become repayable by one easy weekly, fortnightly or monthly repayment that covers the whole of the agreement.
Who can enter into a Part IX Debt Agreement?
The debt agreement system is only to be used if you are insolvent, i.e. unable to pay your debts as and when they fall due. It would undermine confidence of the system of credit and the debt agreement system if you were solvent.
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Bankruptcy
You must be present in Australia, or otherwise have an Australia connection at the time of petitioning. Creditors can also apply to the court to make you bankrupt if they can satisfy the court that you owe them money above a minimum amount.
Be advised that there is a permanent record of your bankruptcy on the National Personal Insolvency Index which is an electronic public register which can be accessed by anyone for a fee.
Your creditors will be notified of your bankruptcy and unsecured creditors should stop pursuing you for payment of your debts.
A trustee will be appointed to your case. In order to pay your creditors, this trustee will sell your assets (you will be able to keep certain types of assets), mandate contributions from your income once you earn over a certain amount and investigate your financial affairs and may recover property or money that you have transferred to someone else for inadequate consideration.
The duties of a trustee are specified in legislation and trustees have to adhere to certain standards while administering your estate. We can organise to appoint a registered trustee by obtaining and providing their consent when we lodge your petition to become bankrupt or we can lodge it direct with ITSA and they will appoint you a trustee.
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Part X - Personal Insolvency Agreements
Our client must be insolvent to propose a Personal Insolvency Agreements, they must be present in Australia or otherwise have an Australian connection (eg you ordinarily live in Australia or are involved with a business operating in Australia) for the proposal to be accepted.
A PIA may involve:
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A debt agreement consolidates all of your debts. All the debts need to be unsecured and become repayable by one easy weekly, fortnightly or monthly repayment that covers the whole of the agreement.
Who can enter into a Part IX Debt Agreement?
The debt agreement system is only to be used if you are insolvent, i.e. unable to pay your debts as and when they fall due. It would undermine confidence of the system of credit and the debt agreement system if you were solvent.
A debt agreement can be proposed by a debtor who has -
Legally creditors must stop contacting the client, interest charges are frozen and any legal action is stopped, including bankruptcy.- • Not been bankrupt, utilised a debt agreement or given an authority under section 188 of the Bankruptcy Act in the last 10 years;
• After tax income of less than $70,898.10;
• Unsecured debts of less than $94,530.80;
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Bankruptcy
You must be present in Australia, or otherwise have an Australia connection at the time of petitioning. Creditors can also apply to the court to make you bankrupt if they can satisfy the court that you owe them money above a minimum amount.
Be advised that there is a permanent record of your bankruptcy on the National Personal Insolvency Index which is an electronic public register which can be accessed by anyone for a fee.
Your creditors will be notified of your bankruptcy and unsecured creditors should stop pursuing you for payment of your debts.
A trustee will be appointed to your case. In order to pay your creditors, this trustee will sell your assets (you will be able to keep certain types of assets), mandate contributions from your income once you earn over a certain amount and investigate your financial affairs and may recover property or money that you have transferred to someone else for inadequate consideration.
The duties of a trustee are specified in legislation and trustees have to adhere to certain standards while administering your estate. We can organise to appoint a registered trustee by obtaining and providing their consent when we lodge your petition to become bankrupt or we can lodge it direct with ITSA and they will appoint you a trustee.
Back to top
Part X - Personal Insolvency Agreements
Our client must be insolvent to propose a Personal Insolvency Agreements, they must be present in Australia or otherwise have an Australian connection (eg you ordinarily live in Australia or are involved with a business operating in Australia) for the proposal to be accepted.
A PIA may involve:
-
• A lump sum payment to creditors via the trustee either from the debtor’s own money or money from third parties (e.g. family or friends) and/or
• An assignment of assets to the trustee to be sold and the net proceeds distributed to creditors or the payment of the sale proceeds of assets to the trustee for distribution to the creditors and/or
• Periodic payments to the trustee to be distributed to creditors
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