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Debt Settlement Arrangement (DSA)

  Level / Type of Debt Income Assets Required Intermediary
DSA Unsecured only No Max No Max Personal Insolvency Practitioner

The Act makes provision for a new insolvency procedure called a Debt Settlement Arrangement (DSA). A DSA can be entered into between a debtor and his/her unsecured creditors.

A DSA only includes unsecured debts without a limit on the amount of debt. However, certain unsecured debts cannot be included and certain other unsecured debts require the consent of the creditor prior to being included.

The DSA differs from a Personal Insolvency Arrangement (PIA) as it only includes unsecured debts. Unsecured debts are debts where the unsecured creditor would not be entitled to seize specific assets if the debtor fails to make repayments because that creditor does not hold security over those assets. Secured debts cannot be covered in a DSA.  A DSA must be agreed by the debtor and approved at a creditor’s meeting by 65% of creditors (in value).  In addition it must be processed by the ISI and approved by the Court.

Under a DSA, a debtor’s unsecured debts subject to the DSA, will be settled over a period of up to 5 years (extendable to 6 years in certain circumstances).

If successfully complied with, the debtor will be discharged from debts specified in the DSA at the end of the period.

  Backontrack_DSA_Cover Back on Track DSA Guide 2016 (PDF size 118KB)  Adobe PDF

A comprehensive guide is available for download here

 DSA Cover 2014 Detailed Guide to DSA March 2016 (PDF size 342KB)  Adobe PDF