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.

Before you apply

Make sure you have considered the following:

For help with setting up a PIA see the Official Receiver Practice Statement 4 - Setting up a PIA.

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.