Formal administrations available to insolvent individuals are not limited to Bankruptcy (Part IV) or Debt Agreement (Part IX). The other form of administration is referred to as a Personal Insolvency Agreement (Part X).
A PIA has no restrictions as to thresholds on either the amount of debt, income or assets of the individual.
However, in order to [...]

Advantages of a Part IX Debt Agreement

Unsecured creditors are proscribed from taking any further step in the collection of a debt, and rely on the Administrator to collect monies, make disbursements to them and keep them fully informed as to the progress of the ‘account’.
Unsecured creditors are required to cease further accruing interest and the [...]