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”

, 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.

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.)