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Trustee Of Personal Insolvency Agreement

(Last Updated On: October 12, 2021)

They will consist mainly of enforcing the terms of the agreement, selling assets, collecting funds and distributing them to creditors. If the proposal is accepted by your creditors, you will be subject to the terms of the private insolvency agreement. A Part IX debt contract is when an insolvent person has entered into a formal agreement with creditors. The contract is managed by an independent person and is a flexible agreement negotiated between the individual and creditors. If the debtor still does not comply, the agent and/or creditors may terminate the contract. This can be done as follows: creditors may, with the written agreement of the debtor, vary a PIA by special decision in a meeting convened for that purpose. Alternatively, the agent may, with the written consent of the debtor, propose in writing an amendment to the PIA.

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