Personal Insolvency Agreement
$800,000 in Company Debt
Director Penalty Notice Received
Family Home At Risk
Find out how we helped Joshua
Helping Joshua With His Debt
Whilst Joshua would be unable to manage the company whilst undertaking this process, he was able to put his company on hold for a short period of 3 months without too much disruption. He was happy to utilise the investment property sale proceeds for the benefit of his creditors, plus was able to offer an extra lump sum over three months (provided by close family).
We arranged all the paperwork including a Deed for his proposal, reported to creditors and convened the meeting, a process that took just 30 days. We were able to put forward a favourable proposal to creditors explaining that the timing, costs and value of the proposal were more beneficial compared to a bankruptcy scenario. The creditors agreed and within three months the PIA was completed!
Joshua Finds Stability
Joshua was able to save over 50% of his debts and did not have to go bankrupt to save those costs.
Kept Their Family Home
Joshua was able to retain the family home and avoid being displaced due to debt.
Reclaimed His Life
With Joshua’s debts back under control there were no more hassles from creditors and he could start fresh with family and business.