1. What is Personal Insolvency?
📌 Personal Insolvency is when you are unable to pay your debts as they fall due.
2. What is a PIP?
📌 A PIP is a Personal Insolvency Practitioner. They liaise with your creditors in relation to a Personal Insolvency Arrangement(PIA) or Debt Settlement Arrangement(DSA).
3. What is a Protective Certificate (PC)?
📌This is an order issued by the court which offers the debtor and their assets protection from legal proceedings by creditors. A PC lasts 70 days. This can be extended if required.
4. Do I have to go to court?
📌 No you do not have to attend court at all during the Insolvency process.
5. How long does an arrangement last?
📌 Arrangements can be as little as 6 months or some may last for 6 years, each case is different.
Contact R Hendy & Co today on 0402 29376 ext.1 if you have any questions about Personal Insolvency.