Glossary - T

Trust Deed

A Trust Deed is a legally binding agreement between an individual who is unable to pay his or her creditors and a licensed Insolvency Practitioner (the Trustee). The Trustee will put together a form of proposals to the Creditors for approval and administer the Trust Deed. It allows you to pay as much of your debts as your assets and/or your monthly surplus income will allow, usually over a three-year period.