The latest statistics released by ITSA confirm that over half of all Personal Insolvency Agreements (PIA) accepted by creditors Australia wide in the last quarter were handled by Worrells partners.
PIA’s are an under utlised process which allows debtors and creditors to come to a payment agreement, without resorting to bankruptcy. Each PIA proposal must be individually tailored to suit both the debtor and the creditors, so that a “win, win” result emerges. Given the published statistics Worrells seem to be pretty good at this.
A feature of Worrells approach to PIA’s is our practice of paying very regular dividends. On average we pay a PIA dividend every two days, which adds to the “win, win”.