Debt Solutions
Part IX Process

Once a debtor is deemed eligible, a proposal is submitted to the Official Receiver who will determine if the proposal is acceptable, and in the interests of the creditors. Creditors then vote, the result of which leads to acceptance or rejection of the proposal. If 51% or greater, in value, approval is met, the proposal becomes a debt agreement. Once a debt agreement is established debtors can then make payments to the creditors utilising the services provided by a federally registered Debt Agreement Administrator. 

From the time of lodgment, the process takes about 5 weeks.