If you have approved your PIP`s PIA proposal, the PIP must call a meeting of creditors. If there is only one creditor, he can write to the PIP and indicate the approval or rejection. Creditors vote on whether or not to accept the proposed settlement. Each vote is proportional to the amount of the debt owed to that creditor. Creditors representing 65% or more of the value of the joint debt – secured and unsecured – must vote in favour of it for the agreement to be accepted. In addition, more than 50% of your secured creditors and 50% of unsecured creditors must vote in favour. An individual may propose a personal bankruptcy contract if certain conditions are met: a registered trustee must administer the contract. Typically, the former insolvency administrator collects the funds and/or immovable property and makes a distribution to unsecured creditors. A personal bankruptcy contract (PIA) is an insolvency solution for people with unsecured and secured debts.
Secured debts are debts that are secured or secured by an asset (for example. B a home loan in which a house is pledged to secure the debt of the loan). A Part IX debt agreement occurs when an insolvent person enters into a formal agreement with its creditors. The contract is managed by an independent person and is a flexible agreement negotiated between the person and the creditors. If the debtor still does not comply, the trustee and/or creditors may terminate the contract. This can be done in the following way: An Am 13. A series of measures announced in May 2015 included changes to the personal insolvency system. All of these changes are now in effect. This includes judicial review when a mortgage lender rejects the borrower`s proposal for a PIA.
If accepted, the bankruptcy will be cancelled from the date of the meeting of creditors. .