22/09/2025
🚀 Part X Accepted – Bankruptcy Avoided!
Big wins don’t always come with flashing lights — sometimes they’re about helping someone hit reset and get their future back on track.
We recently assisted an individual who had a tiling contractor business in Sydney. He faced serious financial challenges after a major builder collapsed, leaving him with crippling bad debts. With mounting pressure from suppliers and the ATO, bankruptcy seemed inevitable.
But here’s the twist: with the right guidance, a Personal Insolvency Agreement (PIA) under Part X of the Bankruptcy Act gave him another path forward.
💡 Instead of bankruptcy, he worked with us to craft a proposal that creditors (including the ATO) unanimously accepted. His family backed him with financial support, allowing him to put forward a lump-sum offer. Creditors walked away with around 10 cents in the dollar — far better than the zero they’d receive in a bankruptcy scenario.
The outcome?
👉 No bankruptcy.
👉 Creditors satisfied.
👉 A chance to rebuild, stronger and smarter.
What makes this powerful is not just the financial result, but the confidence it restores. Our client now has the breathing room to focus on running his business the right way — with proper systems, advisers, and a stronger mindset.
This case is a reminder that insolvency doesn’t have to mean the end. With the right timing, advice, and strategy, it can be the beginning of a fresh chapter.
🔗 Curious about PIAs and how they can turn things around? Reach out — we’re here to help.
Oracle Insolvency Services
tel: 1300 391 330
email: info@oracleis.com.au
web: www.oracleis.com.au
We offer all forms of personal and corporate insolvency and forensic accounting services.
