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?

Questions

One Response to “Annulled vs Failed”


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.

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