DCS Group Contact Details for Creditor Enquiries
Questions about dividends:
Ph: 1300 725 052 – (option 3, option 3)
Questions about a Debt Agreement being prepared:
Ph: 1300 725 052 (option 3, option 1)
Report requests or Variations enquiries:
Ph: 1300 725 052 (option 3, option 2)
Calling from New Zealand?
Standard Opening Hours (AEST):
Monday to Thursday: 8:30am – 5:00pm
Friday: 8:00am – 5:00pm
Creditor Guide to Debt Agreements
A debt agreement, or section IX of the bankruptcy act allows for insolvent debtors to make an agreement where their creditors receive an amount of money the debtor can afford. This amount is generally more than what the creditors would receive under bankruptcy. A debt agreement administrator, DCS Group, receives the payments from the debtor and distributes the payments.
As a creditor you will receive the ‘Official Receiver’s Report on Debt Agreement Proposal’, copies of the debt agreement proposal, explanatory statement, a statement of claim and voting form. Creditors are asked to vote on the proposal by returning the statement of claim and voting (SOCAV) form by a nominated date.
Creditors may vote yes or no or may abstain and, by lodging a completed SOCAV, provide details of their claim for dividend purposes. The voting period is generally five weeks.
What Debts are “provable” under bankruptcy , i.e. included in the debt agreement.
|Credit Cards||Provable||You can vote|
|Personal Loan||Provable||You can vote|
|Trade Creditor||Provable||You can vote|
|Utilities||Provable||You can vote|
|Wages||Provable||You can vote|
|Legal Fees||Provable||You can vote|
|Medical Fees||Provable||You can vote|
|Pay Day Loans||Provable||You can vote|
|Rent||Provable||You can vote|