Bankruptcy and Personal Insolvency Services

Services

Bankruptcy and personal insolvency relief is designed to help those who are unable to meet their debt obligations. Bankruptcy is a way for an individual to discharge debts and start anew, whereas personal insolvency agreements offer a structured debt repayment plan.

Whether you are a creditor pursuing debts owed or an individual seeking relief from unmanageable debt, our experienced restructuring and insolvency teams at William Buck can advise and act on your available options.

Individuals seeking relief from personal debt must be cautious when obtaining advice from unscrupulous advisors, as their short and long-term financial woes can be exacerbated when presented with limited or poorly constructed solutions.

In addition to acting as bankruptcy trustees, our registered trustees will conduct the appointment of all forms of personal insolvency administration, including those that can help avoid bankruptcy. Some examples are the administration of a Part X Personal Insolvency Agreement (otherwise known as a PIA or Part X), plus Section 73 Arrangements by current bankrupts to obtain an annulment.

Creditors and lawyers pursuing debts against individuals choose our registered trustees because of our results-driven, commercial approach to investigating, identifying and recovering assets that can be realised for the benefit of stakeholders. We leave no stone unturned when it comes to investigations within the scope of the relevant bankruptcy law, and with our innovative mindset, we can achieve results where others fail.

Our registered trustees are highly experienced and supported by a team of dedicated practitioners to explore and achieve the best possible outcome in personal insolvency-related matters. Utilising William Buck’s extensive skills and resources within Australia and overseas, we regularly administer small to complex insolvent estates with care and efficiency.

FAQs

What are Personal Insolvency Agreements (PIA)?

A Personal Insolvency Agreement (PIA), or Part 10 or Part X, is a legally binding agreement, regulated under the Bankruptcy Act, between creditors and debtors. These debt agreements aim to settle unsecured debts and claims such as personal loans, credit card debts, and bank overdrafts through the guidance of a registered trustee to ensure proper adherence to legal standards.

A PIA involves detailed investigations, including identifying and reporting on a debtor’s property and income. This way, assets are allocated appropriately to meet creditor claims under the terms of the Bankruptcy Act. The agreement will generally specify a payment term agreed upon by all parties and conclude once the debtor has completed their final payment and creditors have received their final distribution.

What does being bankrupt mean?

Bankruptcy is a legal process initiated by an individual who cannot repay their debts. After filing a bankruptcy form with the Government regulator, the Australian Financial Security Authority, a person officially declares bankruptcy, undergoing a process that will release them from most debt obligations. This legal status, known as personal bankruptcy, provides some financial relief. However, it also imposes some temporary restrictions upon a person’s financial freedom.

What happens during bankruptcy?

When an individual enters into bankruptcy their appointed Trustee identifies certain assets that can be recovered for the benefit of creditors. A bankrupt is entitled to keep many of their assets, like a car up to a certain value, household effects like furniture and TV’s and a certain amount of tools if they are a tradesperson. Other significant assets like real estate or investments are sold by the Trustee and the realisations are paid towards creditor claims. For the statutory three year bankruptcy period a bankrupt must report their income earned to their Trustee to determine whether they need to contribute any more to their creditors or whether they can keep their earnings.