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Personal Insolvency Agreements (PIA)
Manage your PIA efficiently with our trustee services.
A Personal Insolvency Agreement (PIA) is a formal arrangement that allows individuals in financial distress to negotiate with creditors and settle debts. It provides a structured solution to manage and reduce debt without declaring full bankruptcy.
With a PIA, you can avoid some of the more severe bankruptcy restrictions while working toward financial stability.
A PIA can offer a clear pathway out of debt by enabling you to:
Reduce Debt Burden – Negotiate repayment terms that are manageable and realistic.
Protect Assets – Where possible, retain control of key assets, such as your home or car.
Avoid Bankruptcy – Access debt relief while avoiding the long-term consequences of bankruptcy.
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At TTJ Advisory, we understand the pressures people face, particularly when grappling with tax debts and insolvency.
How TTJ Advisory Assists with PIAs
Debt Assessment and Guidance
We evaluate your financial situation and advise if a PIA is the best option, helping you make informed decisions about your future.
Negotiation with Creditors
Our experienced team works directly with your creditors to secure a payment plan that reduces your debt and eases financial pressure.
Proposal Preparation
We help you draft a clear, feasible PIA proposal that outlines repayment terms and is likely to gain creditor approval.
Compliance and Ongoing Support
TTJ Advisory oversees all PIA processes, ensuring compliance with legal requirements whilst providing continuous support and guidance throughout the PIA.
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Frequently Asked Questions
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The Personal Insolvency Agreement (PIA) Process
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Financial Assessment
TTJ Advisory conducts a comprehensive review of your assets, debts, income, and expenses to evaluate if a PIA is a viable solution.
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Prepare the PIA Proposal
With your trustee, you’ll draft a proposal detailing your debt repayment terms, including how much you can repay, the timeframe, and any asset liquidation if applicable. The goal is to create a fair plan that creditors are likely to accept.
Meeting with Creditors and Voting on the Proposal
Your proposal is presented to creditors, who review the terms and vote on whether to accept it. To proceed, the proposal must be approved by creditors who hold at least 75% of the debt by value.
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Implementation of the Agreement
Once accepted, the PIA becomes legally binding. You’ll begin repaying according to the terms outlined in the agreement, and your trustee will manage the distribution of payments to creditors.
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Completion of the PIA
Upon fulfilling all obligations in the agreement, any remaining eligible debts covered by the PIA are discharged, marking the completion of the insolvency process.
