With two registered Trustees in Bankruptcy, Bent & Cougle is able to conduct the formal administrations provided for under the Bankruptcy Act, specifically, Arrangements under Part X of the Bankruptcy Act.
Part X Arrangements
Part X of the Bankruptcy Act allows a debtor to authorise a Registered Trustee to take control of the debtor’s affairs and to facilitate the negotiation of a settlement between a debtor and their creditors.
These arrangements are referred to as Personal Insolvency Agreements.
Bent & Cougle Pty Ltd can assist a debtor to formulate the most appropriate proposal to submit to creditors.
The process whereby a debtor seeks protection from their creditors. It can be initiated by the debtor themselves or by a creditor obtaining an order from the Federal Court that a debtor be declared bankrupt.
Bankruptcy is usually resorted to where one is unable to come to a settlement with their creditors.
Bent & Cougle Pty Ltd can:
• advise whether bankruptcy is the appropriate course to follow
• advise on the consequences of bankruptcy
• act as trustees of bankrupt estates.
In some instances it is not practical or economic to settle with one’s creditors via an arrangement under Part X.
In those circumstances, Bent & Cougle Pty Ltd are able to organise and implement informal arrangements for debtors seeking a settlement or compromise with their creditors.