Annulled vs Failed
January 15th, 2008 by Questions
What is the difference between a annullment vs consumer proposal failed? Are these terms interchangeable or do they have separate meanings?
One Response to “Annulled vs Failed”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
January 16, 2008 at 10:20 am, Barton Goth GCO Bankruptcy Trustees said:
Annulment is the result of you failing to make your payments and falling more than 3 payments in arrears, when you payments are the equivalent of 3 behind the proposal is annulled.
However failure can refer to both the annullment discussed above or can be interpreted more broadly to include events like creditor rejection.