What is a Personal Insolvency Agreement (PIA)?
- A Personal Insolvency Agreement (PIA) allows you to come to a flexible arrangement with your creditors regarding your debts. It enables you to avoid bankruptcy.
- A PIA may involve one or more of the following:
- payments to creditors from your own money or the money of others such as family or friends;
- the transfer or payment of sale proceeds of assets to creditors; or
- a payment arrangement with your creditors that may include a postponement of repayments.
Read some more FAQS from our Bankruptcy section