The PROCEDURE
Stage
1 - The debtor must read the prescribed information about the
alternatives and consequences of debt agreements and bankruptcy.
Stage 2 - The gathering and verifying of information along with the construction of the proposal occurs.
Stage 3 - The proposal is lodged and lodgement fee is paid.
Stage 4 - The proposal is sent to creditors to assess and vote on.
Stage 5 - ITSA checks and counts the votes. To
be accepted or approved more creditors must vote yes than who vote no
based on dollar value of the debts owed. That means at least 50.01% of
the dollar value of the votes must be for acceptance.
We can provide you with the prescribed information along with expanded details on the procedure and fees involved.
NSW 02 9623 7860
QLD 07 3613 9648
VIC 03 9993 0116
Call Tony for friendly help guaranteed.
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