|
| |
"Part X", What Is It?
Part
X refers to a group of Sections in the Bankruptcy Act,
1966. In short, it allows people to offer a proposal to
their creditors to avoid bankruptcy.
A meeting is held to discuss the proposal, facilitated &
convened by a Registered Trustee, and a decision is achieved
usually within 35 days.
Information sheets I, J, K, L will provide you with specific
details on the Part X process:
To obtain
copies of these information sheets, please fill out the
E-mail Questionnaire
"Part
X", Real Examples
Some actual examples of Part X proposals we have been involved
with:
|
A
> |
Banana
farmer suffers downturn in business due to imports and
family offers $40,000.00 to settle debts of $300,000.00. |
| |
B
> |
Plumber
sells out of company but guaranteed debts never taken
care of by new owners. Family offers $85,000.00 to settle
debts of $560,000.00. |
| |
C
> |
Property
developer miscalculates market and loses $26million.
Brother in law offers $100,000.00 to settle. |
| |
D
> |
Clothing
and material importer has orders fall through, family
offers $20,000.00 for debts of $140,000.00. |
| |
E
> |
Accountant buys into company, becomes director, and
within 6 months company goes under. Family offers $75,000.00
to settle debts of $850,000.00. |
| |
F
> |
Doctor
funds her father in law's failed property venture and
ends up insolvent herself. Family offers $18,500.00
to settle debts of $220,000.00. |
|
|
|
|
