Entering into a personal insolvency agreement

This note considers the principles, practice and procedures that apply in relation to a debtor's entry into a personal insolvency agreement (PIA). It addresses the role of the Australian Financial Security Authority (AFSA) in relation to PIAs, the purpose of a PIA, who is eligible to propose and enter into a PIA, the relevant procedure for proposing and entering into a PIA, the administration of a PIA (in overview) and the effect of a pending creditor's petition where a debtor initiates the PIA procedure.