Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Why is the alternative referred to as a Part X (personal insolvency agreement)?

April 26, 2017Agreement alternative Insolvency referred

0

10 Posted

Why is the alternative referred to as a Part X (personal insolvency agreement)?

1 Answer

0

10 Posted

This alternative is commonly referred to as a Part X agreement, or a Personal Insolvency Agreement, because it is given its authority under Part X of the Bankruptcy Act. The Bankruptcy Act also refers to this arrangement as a Personal Insolvency Agreement.