A counsellor will prepare the presentation using standard ITSA forms.

They will be sent to you to read, digest, ensure you know what you’re undertaking and signing.

After return the appointed administrator will closely examine the documents and if satisfied consent to act in writing and then direct the documents to ITSA.

ITSA officials will examine the offer made to creditors and if satisfied process those documents first entering personal details on the NPII. At this point all debts are frozen & interest stops accruing.

The proposal is circulated to all affected creditors and each creditor has 35 days in which to consider the proposal and either accept it or reject it.

Acceptance is made if over 50% of creditors who vote, in value, agree. All of the other creditors are caught whether they agree or not – even if they fail to vote.