B. FORMAL ARRANGEMENT:
Propose a personal insolvency agreement.
This is legally binding arrangement between creditors and you whereby you offer to pay them in full or part by instalments or lump sum.
Your offer must be accepted by a special resolution of your creditors. Unlike a debt agreement, there are no debt, asset or income limits to be eligible to propose a personal insolvency agreement.
You must appoint a controlling trustee who will investigate your affairs and report to your creditors. If creditors accept the proposal, a trustee must administer the agreement.
If the debtor's current monthly income is less than the applicable state media then also there is same plan for the Debt.......???????
ReplyDeleteAt present I am just outlining options for unmanageable debt.
ReplyDeleteI will detail agreements in further posts.
Thanks for your input.
Brenda