Part X Personal Insolvency Arrangements
Personal Insolvency Arrangements (PIAs) are the equivalent of voluntary administrations for individuals. Control of a person's property is given to a trustee along with a proposal for how the debtor (the person owing creditors money) proposes that his or her affairs be dealt with. The debtor's affairs are then investigated and the trustee reports on the proposal to creditors. The trustee will advise of their opinion as to whether it is in creditors best interests to accept the proposal, resolve that the debtor present their debtor's petition (i.e. become bankrupt) or return control of the the debtor's property to the debtor.
