Summary Instalment Orders
SIO assists a debtor who does not meet the entry requirements of the No Asset Procedure but require some extra time to repay debts.
A Financial Supervisor is required for each person who is accepted in the SIO program.
- Entry is not automatic and there are entry requirements:
- Debts must exceed $47,000;
- A repayment plan, normally up to 3 years forms part of SIO process;
- Creditors may make representations to the Official Assignee prior to entry into the SIO;
- The Official Assignee can make orders regarding the debtor’s future earnings and property.
Norrie & Daughters can determine what solution is best for your circumstances and assist in the application process and provide the required financial supervision services.