A Part X (ten) proposal is offered by a debtor to his creditors via a formal written proposal by his Trustee. The basis of negotiations is the creditors will receive a higher return than from a bankruptcy. Flexibility of payment is the key advantage of Part X personal insolvency agreements and once passed by sufficient number of creditors and value of debts and becomes legally binding on both the debtors and creditors.
For further information regarding Part X please contact our office
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