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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

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If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

Personal insolvency agreements

Posted on Mar 28, 2014 by CFL Financial

A personal insolvency agreement (PIA) is a formal way to deal with unmanageable debt without having to declare bankruptcy. It provides a flexible way for individuals to come to an agreement with their creditors to settle debts.

A PIA is a legally binding agreement in which an individual agrees to pay creditors in full or in part by instalments, or a lump sum.

For an individual to propose a PIA certain conditions must be met, they:

-must be insolvent

-must be present in Australia, or otherwise have an Australian connection

-must not have proposed another PIA in the previous six months

For a PIA to work, the insolvent individual must first appoint a controlling trustee to take control of their property. The controlling trustee examines the proposal, makes enquiries into the individuals financial affairs and reports to creditors.

A creditors’ meeting is then held within 25 working days of the trustee’s appointment, at which the creditors consider the proposal. If the proposal is accepted the creditors are then bound by the terms of the agreement if it is rejected the creditors will either vote in favor of bankruptcy or leave the decision to the individual.

The appointment of a controlling trustee:

-automatically disqualifies the individual from managing a business until the terms of the PIA have been complied with

-prohibits the individual from dealing with their property without the consent of the controlling trustee

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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