Personal Insolvency - News

Personal Insolvency NZ Begins Nov 2011

Personal Insolvancy NZ starts as a place for those persons that are facing bankruptcy can look at alternatives to get monthly finances under control, and look to a time in the future when there will be no household debt.

The Owners and Managers of Personal Insolvency NZ are keen to see those who are facing bankruptcy look at alternatives that will make some headway to reduce their debt to managable levels, and allow for the debts to others (both company and personal) be repaid.

The Basis of a Formal Creditors Proposal (FCP), is the same basis used in Debt Management Plans, which see a creditor paid either part or all of their debt over an extended period of time.
Conceptually, Personal Insolvency NZ would rather see clients onto Formal Debt Management Plans, rather than FCP, as this reflects an ethical compromise in respect of debt and repayment.

Where one (or a few) minority creditors are pushing a client toward bankruptcy, which could possibly mean a loss in terms of their debt, a FCP is the clients last resort to avoid a situation where the smallest debt would have the highest impact.


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