Archive | Debt Solutions
Debt Agreement
A Debt Agreement is a legally binding debt restructuring agreement with your creditors. With a Debt Agreement creditors will typically accept less than 100% of their debt and the interest will be frozen.
However, before your creditors will agree, they will need to be satisfied that your circumstances allow you to qualify for a Debt Agreement.
You [...]
Personal Insolvency Agreement | PIA
6/02/09
A Personal Insolvency Agreement (PIA) is another formal restructuring agreement with your unsecured creditors. A Personal Insolvency Agreement is also known as a Part X arrangement as it is administered under Part X of the Bankruptcy Act. Only a
To be eligible to propose a PIAyou must be insolvent, ie you cannot pay your debts when [...]
Debt Management
6/02/09
Debt Management is the process where you may choose to negotiate directly with your creditors to settle your debts.
If you only have one or two creditors we recommend that you first approach your creditors directly and try to negotiate an informal payment arrangement. If you have more than two creditors negotiating an informal arrangement may [...]
Bankruptcy
6/02/09
Bankruptcy is most extreme form of debt relief. Bankruptcy can have severe implications on peoples lives and as such all options to avoid bankruptcy should be carefully considered beforehand.
You should first enquire to see if you qualify for other options to avoid bankruptcy like a:
Debt Consolidation loan; or
Debt Agreement; or
Personal Insolvency Agreement
In most cases bankruptcy [...]
Continue reading...Company Liquidation
6/02/09
A liquidation is for a company which cannot pay its debts, in other words the company is insolvent. To place your business into liquidation it needs to be registered as a company with the Australian and Securities and Investments Commission (ASIC).
If you have a business which is insolvent, we recommend that you contact Liquidation Direct [...]
Debt Solutions
6/02/09