Investrends highly experienced and dedicated insolvency experts provide positive and practical solutions for companies and individuals in financial distress. We are insolvency experts with a wealth of knowledge and experience of exactly how to deal
with your particular set of circumstances.
If you are concerned about insolvency issues and you don’t know where to turn for help, call Investrend Debt Solutions ” we can help you move forward to a brighter financial future. We provide a free, confidential initial consultation.
Investrend Debt Solutions has trained and experienced consultants who can assist you with all your insolvency related concerns. Investrend Debt Solutions deals with the whole gambit of insolvency related issues – be it collections, payments or other arrangements with creditors or debtors – that can arise in a simple and easily understood manner.
Simple Options in the Complex Maze
We offer the following services:
¢ Part IX Bankruptcy Act
¢ Part X Bankruptcy Act
¢ Debtors Petitions
¢ Compositions in Bankruptcy
Part IX Bankruptcy Act
Part IX of the Bankruptcy Act provides for what are called small debt agreements. This is ideally suited for the client who wishes to consolidate their maxed out credit cards but cannot meet lender requirements and has no real assets apart from the contents of the house and Car on Hire Purchase.
What is proposed is a simple solution to deal with your problems and stop the credit card companies and other creditors from harassing you. The client in effect simply proposes to pay off the debt over time. Investrend Debt Solutions helps you put the proposal in place and complete a Statement of Affairs and a Proposal and it is then mailed to all creditors to vote on “ if it is agreed by a majority of creditors the proposal takes effect as a moratorium on those debts.
A Trustee is appointed “ a specially qualified accountant we will select “ he or she administers the payment and takes fees from the pool of funds generated by the agreement and then distributes dividends to creditors. Alternatively you can appoint the Official Trustee (ITSA Government Agency) to be the trustee.
Investrend Debt Solutions can assist you at first instance to make a determination of whether a Part IX Small Debt Agreement is for you and if it is assist you in putting the proposal to your creditors.
Part X Bankruptcy Act
Part X of the Bankruptcy Act provides for arrangements with creditors for individuals. There can be a Deed of Arrangement, Deed of Assignment or Composition. All have different legal effects but essentially they allow a proposal to be put to creditors in exchange for the release from debts and avoidance of bankruptcy.
This is ideally suited for the client who has some assets but has debts far exceeding the assets. What is proposed is a simple solution to deal with your problems and stop the creditors from harassing you.
Investrend Debt Solutions assists you in working out how to propose to pay off the debts over time or have a third party (often a relative) put in a sum of money. The end result is to ensure that there is a pool of funds available to creditors which are greater than in a
bankruptcy. The creditors accept a dividend from this pool of funds in exchange of for the client avoiding bankruptcy.
Investrend Debt Solutions helps you put the proposal in place and complete a Statement of Affairs and a Proposal and appoint a Controlling Trustee. The Proposal and associated information is mailed to all creditors who are invited to attend a meeting of creditors and to vote on the proposal. If it is agreed by the majority of creditors the proposal takes effect as a moratorium on those debts.
By signing the proposal the client appoints a Trustee to be their Controlling Trustee – a specially qualified accountant we will select – and he or she reports to creditors at the meeting of creditors on the clients assets and liabilities and gives a considered opinion as to whether it is in creditors interests to support or oppose the proposal. The Trustee runs the meeting of creditors.
If the proposal is accepted a Trustee “ a specially qualified accountant we will select “ is appointed to control the Part X Arrangements. He or she administers the arrangement, makes any necessary payments and takes his or her fees from the pool of funds generated by the Part X and then distributes dividends to creditors.
Debtors Petitions
In the event that a creditors meeting rejects a part X proposal then the client has the option to sign and file a debtors petition to become bankrupt and bring the whole matter to a conclusion. It is usually appropriate to do this in the circumstances as the creditors by rejecting the Part X proposal have obviously decided to proceed and bankrupt you.
A Trustee is appointed “ An accountant we will refer“ he or she administers the payment and takes fees from the pool of funds generated by the Debtors Petition and then distributes dividends to creditors.
Compositions in Bankruptcy
Once a client is bankrupt and the Trustee has sold his assets and the client is making income contributions he or she can still with our assistance get out of his or her bankruptcy early. Traditionally you are bankrupt for 3 years but this can be extended to 5 years or even 8 years.
Investrend Debt Solutions will contact you after the bankruptcy has commenced and propose that you have a relative/friend offer to contribute a sum of money in a lump sum or over time to the bankrupt estate in consideration of the creditors agreeing to release you from bankruptcy.
This is usually done where there is little or no prospects of a dividend and can be pushed through in some circumstances for as little as $20,000.00. Investrend Debt Solutions organises and completes a proposal and delivers it to the Trustee who mails it to all creditors with his recommendation and invites creditors to attend a meeting of creditors and to vote on the proposal.
If it is agreed by a majority of creditors voting, then the proposal takes effect as a moratorium on those debts and releases you from bankruptcy and the restrictions that come with Bankruptcy. The Trustee runs this meeting. Together with the voting information the trustee mails out a report to creditors recommending or rejecting the proposal.
The benefit of a Composition such as this is that your bankruptcy is treated as being annulled “ never occurring.