Personal Repayment Plans (PRP)
The Personal Repayment Plan (PRP) is a debt restructuring plan, which aims to the restructuring of the total debt of a natural person, under certain conditions.
Information related to Personal Repayment Plans
The main objective of the Personal Repayment Plan is to maintain the primary residence when possible and ensure the repayment of creditors.
Firstly, the debtor must appoint an Insolvency Practitioner. The licensed Insolvency Practitioners are listed in the register of Insolvency Practitioners.
Firstly, the debtor must appoint an Insolvency Practitioner. The licensed Insolvency Practitioners are listed in the register of Insolvency Practitioners.
The Insolvency Practitioner, prepares a debt restructuring plan, according to the financial details of the debtor, provided that the debtor meets the main criteria below:
a) The debtor is insolvent, which means that he is unable to pay all his debts.
b) In case the debtor has been declared bankrupt, must be discharged from bankruptcy for at least 5 years.
If the plan is approved by the Court and becomes effective, the debtor is discharged from unsecured debts, and perhaps from secured debts according to the plan, provided that he has complied with the obligations arising from the plan.
PRP Applications and forms
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