Personal Insolvency Agreement

A Personal Insolvency Agreement (PIA), formerly ‘Part X arrangement’, is an alternative to bankruptcy in managing debt. A Trustee(s) from LangdonGrant will be appointed to take control of your property and and report to creditors on your offer to settle your debts. This offer may be to part or all your debts by periodic instalments or a lumpsum. The length of your PIA depends on what is negotiated with your trustee and creditors.

PIA Process

  • Stage One

    • Debtor appoints controlling trustee and gives a proposal.
    • Relevant forms and documents are filed with the Official Receiver.
    • Official Receiver registered PIA proposal.

  • Stage Two

    • Controlling trustee makes enquiries and prepares a report.
    • Controlling trustee convenes a creditors’ meeting.
    • Advertising the first meeting on the AFSA website.
    • Controlling trustee holds the creditors’ meeting.
    • Relevant forms and documents are filed with the Official Receiver.

  • Stage Three

    • Trustee administers terms of the agreement.
    • Relevant forms and documents are filed with the Official Receiver.
    • Completion of the PIA.