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Personal Insolvency Solutions

A personal insolvency agreement is a legal process enabling an insolvent individual to negotiate with creditors and agree on a plan to repay debts and avoid bankruptcy.

We understand that in some situations, the options available are limited. Explore our range of insolvency services now and speak to our expert team for a free consultation. We’re here to help you overcome financial distress.

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At Corporate Lifeline, we offer a range of services to support you through financial distress. These include

  • Liquidation
  • Voluntary administration
  • Receiverships
  • Small business restructuring
  • Agent for the mortgagee
  • DeedOfCompany Arrangement

As every situation is unique, please speak with one of our expert team members as soon as possible to address your specific needs. We’ve helped hundreds of Australian professionals deal with their personal insolvency concerns.

Don’t delay! The most important thing to do is address your financial distress as soon as possible.

What is a Personal Insolvency Agreement?

A personal insolvency agreement (PIA), also known as a Part X agreements, is a legally binding agreement to settle outstanding debts without a person becoming bankrupt.

The insolvent individual appoints and negotiates the terms of the PIA with a trustee. The agreement may be to pay off all or part of your debts in a lump sum or over a period using instalments.

If the PIA is accepted by the creditors, the individual will avoid bankruptcy. Most unsecured debts will not need to be paid if they are included in the agreement. Creditors will have the right to recover assets in settlement of secured debts.

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Understanding the Impact of Personal Insolvencies

A personal insolvency agreement may lead to serious professional consequences. Although not bankrupt, entering into a PIA is still an act of bankruptcy.

The details of the insolvent individual will be permanently recorded on the National Personal Insolvency Index (NPII), and their personal credit record will reflect the PIA for up to five years.

Choose Corporate Lifeline for Personal Insolvency Advice

The Corporate Lifeline name is renowned across Australia for supporting businesses and professionals during financial distress. Our team is available to offer a complimentary initial consultation to support you during this challenging time. Don’t delay. Contact now for instant support on 1800 621 308.

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If you find yourself in a situation where you need financial advice for your business, let us help you.

What is Personal Insolvency?

The Corporate Lifeline name is renowned across Australia for supporting businesses and professionals during financial distress. Our team is available to offer a complimentary initial consultation to support you during this challenging time. Don’t delay. Contact now for instant support on 1800 621 308.

How Does a Personal Insolvency Arrangement Work?

A PIA covers secured and unsecured debts and is arranged through a personal insolvency practitioner (PIP) with court approval. Once completed, any remaining debt covered by the PIA is written off (in most instances).

What is the Difference Between Debt Agreement and Personal Insolvency Agreements?

The main difference is in eligibility. A debt agreement is for professionals with lower levels of debt and income and is a more accessible option. A PIA is for those with larger debts or more complex financial situations, offering more flexibility but requiring a higher level of involvement and approval from creditors.