Lodge a PIA proposal

To enter into a personal insolvency agreement (PIA), the process begins with you appointing a controlling trustee.

Your trustee will:

  • assist you with making an offer to your creditors
  • recommend options to your creditors
  • prepare the proposal and send it to your creditors to vote on
  • arrange a meeting of creditors within 25 – 30 days to vote on your proposal.

Next step

Find contact details for registered trustees.

Voting on your proposal

You proposal will be considered at the creditors' meeting. For creditors to accept the PIA proposal, a special resolution is required. A special resolution is a vote to accept the proposal by a majority in number of creditors and 75% of the dollar value.

If your proposal becomes a personal insolvency agreement:

  • You must comply with the terms of the agreement and ensure you complete it by the due date.
  • If you have problems making payments, talk to your trustee as soon as possible.
  • Your trustee informs creditors on the progress of your agreement.
  • Your trustee deals with the payments as set out in the agreement.

If your creditors reject your PIA proposal:

  • We notify you and your creditors of the outcome.
  • The result appears on the National Personal Insolvency Index (NPII) permanently.
  • You can't appoint another controlling trustee for 6 months without the courts permission.
  • Your creditors are able to continue recovery action. If the debt is over $10,000, a creditor can apply to the court to make you bankrupt.