Pre-Packaged Bankruptcy

July 28th, 2007 by Questions

Hi, I was wondering if in Canada, there is anything similar to a pre-packaged bankruptcy under Chapter 11 in the US? The closest thing I could find was a Consumer Proposal. If so, could you give me some examples of cmpanies that have done so?

Thanks!

Questions

One Response to “Pre-Packaged Bankruptcy”


July 30, 2007 at 9:39 am, Barton Goth GCO Bankruptcy Trustees said:

Pre-packaged bankruptcies (i.e. purchasing a copy of all the legal documents and filing yourself) don’t exist in Canada.

However, Chapter 11 isn’t necessarily refering to pre-packaged bankruptcies as the vast majority of all insolvency work done in the USA is administered by a lawyer.

Although, you are right that Consumer Proposals closely approximate many of the aspects of Chapter 11. While there are many similarities between the two there are also many differences, to many for me to outline in this type of forum.

The best thing for you to do is to local trustee and discuss these things.

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