PURPOSE
Provides an alternative to bankruptcy for insolvent individuals who wish to reach an agreement with their creditors regarding the settlement of their debts.
BENEFITS
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To provide a greater return to creditors than would be otherwise available under a bankruptcy.
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Avoids the stigma of bankruptcy and provides a flexible framework to resolve the solvency issues of the debtor and deal with creditors claims.
Michael Jones and Bruce Gleeson are able assist in advising whether this type of arrangement should be considered the Bankruptcy Act 1966.