At HLB Mann Judd Insolvency WA, we conduct many members’ voluntary liquidations every year. For effective taxation outcomes for
The Fair Entitlements Guarantee (FEG) provides financial assistance for unpaid employment entitlements to eligible employees upon the liquidation or
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A Personal Insolvency Agreement, or “PIA” is an arrangement with your creditors to settle your debts without becoming bankrupt
A PIA is based on comparing a bankruptcy scenario with an offer to creditors that aims to avoid bankruptcy. In other words, a PIA normally offers a return that is higher, or more timely, when compared with going bankrupt.
The process involves the appointment of a Controlling Trustee who takes control of, and investigates, your assets, other entitlements to property and income producing activities.
The Controlling Trustee presents their findings in a report to your creditors and compares your offer with what a bankruptcy would yield for creditors. Creditors then vote on which option they would prefer at a meeting.
PIA offers can be founded on a lump sum contribution from a third party, or other contributions over a period of time and also by related creditors waiving their entitlement to receive a return in the PIA process.
To speak with us further regarding whether a PIA may be appropriate in your situation, please contact us on 08 9215 7900 for a cost and obligation free consultation.