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Are there any qualifying criteria to be able to propose a Part X agreement?

April 26, 2017able Agreement criteria propose Qualifying

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Are there any qualifying criteria to be able to propose a Part X agreement?

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Yes. To be able to propose a Part X agreement with your creditors you must have a connection with Australia (e.g. a resident), you must be unable to pay your debts as and when they fall due and you must not have appointed a controlling trustee in the previous 6 months.