If you need time to consider what your next step will be - a declaration of intention to present a debtor’s petition (DOI) may suit you.
You receive protection
- It provides a 21 day protection period where unsecured creditors (including sheriffs) can’t take further action to recover their debts.
It is not recorded on the NPII
- The details of your DOI do not appear on the permanent National Personal Insolvency Index (NPII)[?].
You are not made bankrupt
- It doesn't automatically make you bankrupt. After 21 days, if you decide to not enter bankruptcy, creditors can continue to pursue you for the debts.
Your goods can still be repossessed
- It doesn't stop a creditor from repossessing goods, if you can’t make repayments, for a secured debt.
Creditors can use it to bankrupt you
- A creditor can use the fact you have lodged a DOI to apply to the court to make you bankrupt.