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If you are drowning in debt and there appears no way to repay your debts then bankruptcy may be your saviour.
Once your bankruptcy petition has been accepted then creditors can no longer pursue you. Although Bankruptcy can provide a sense of relief if you are unable to pay your debts, you should also be aware of the factors that may affect you personally during the Bankruptcy period:
Personal Insolvency Agreements (PIA or Part X):
Provisions in the Bankruptcy Act that allow for arrangements to be entered into subject to the support of the participating creditors. These arrangements fall under the Personal Insolvency Agreement (PIA) also commonly known as Part X and are formalised as a detailed Deed which contains the particulars of the offer made and accepted by the creditors. Entering into a PIA is a better alternative than Bankruptcy which has less adverse personal effect on you.
There are numerous advantages of entering into a PIA with your creditors as all creditors are bound by the PIA and you are released from your debts without the stigma associated with a Bankruptcy.
We are experienced, fully qualified accountant.
Our step by step approach reduces your stress to a minimum, making the process as smooth as possible.
We can tailor a simple, practical solution to sort out the mess to best achieve your desired result.
I am involved in the building industry as a subcontractor and when the builder failed to pay me it destroyed my cashflow and my business. Crossroads provided me with the alternatives and the likely consequences of each action and I was able to move forward with my business.
Warren Z.
When my company’s property development project failed to obtain a DA approval, with $3 million owning, CrossRoads pointed out that Liquidation was the most practical way to go. Dealing with them is easy and efficient and I recommend them highly.
James C.
Our engineering company was placed into liquidation by mistake. Marc and the team spent time listening to us to better understand our situation, they assisted us in negotiating with the Liquidator and terminating the liquidation. We finally got our company back and started operating again. I would definitely recommend their services.
Michael T.
The team was always available to answer my questions. they definitely go above and beyond. Trustworthy team and service
John B.
Quick and professional service provided by Leanne and her team. Much appreciated during a sressful period for us.
Louise V.
