THE ADVANTAGES OF PART IX of THE BANKRUPTCY ACT 1966

1. No expenses are incurred by you, until a Debt Agreement of Part IX of the Bankruptcy Act 1966 is accepted by your creditors.
2. You gain an opportunity to strategise your financial affairs by delaying payments to your creditors for approximately two (2) months (twenty -five (25) days while the creditors consider your proposal, then if successful you will make your first payment to me one (1) month later), or a further period of deferral can be obtained, if stated to and accepted by creditors in your proposal.
3. By having to pay only one (1) contribution being towards your Part IX Estate, you obtain a programme which can be sustained over a period of time.
4. Your creditors debts are frozen. Creditors are then paid a dividend periodically (usually annually) from your estate over the term of your Debt Agreement.
5. Subject to your Debt Agreement Proposal and also the creditors wishes, you may pay creditors in full or partially.
6. At the end of your honoured Part IX Debt Agreement you will receive a certificate stating the obligations of your Debt Agreement were met from the Official Trustee. He is the officer in charge of the Insolvency Trustee Service of Australia (ITSA).
7. You can save costs and be your own Administrator of your Debt Agreement Proposal. This arrangement can only work for dedicated and sincere debtors, who have the capacity to overcome prejudice. The debtor can save money by distributing a dividend and withdrawing trust funds from their own savings account, according to the Debt Agreement, without favour to any creditor.