What are the thresholds to propose a Part IX (part 9) agreement?

Three main limits determine eligibility to propose a Part IX agreement, also known as a debt agreement, to creditors.

Income after tax $96,396.30
Available assets after secured creditors $257,056.80
Unsecured creditors $128,528.40

The above thresholds mean that unsecured creditors can't be owed more than $128,528.40 and your available asset pool (income after tax; available assets) can't be greater than those amounts. 

This means means that either a Part X (part 10) personal insolvency agreement or bankruptcy may be an option.

 

Last updated: 5 October 2022.