Having already met more than 1,000 distressed debtors over the past 12 months, Grant Thornton Debt Solutions have developed a good overview of the market. It is definitely quite complex and, certainly, the personal insolvency legislation does not suit everybody.
In practice, in order for a proposal to be agreed, the debtor needs to offer a financial contribution to the creditor(s) via a Personal Insolvency Practitioner (PIP) so as to ensure that the creditor(s) accept the proposal...
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