Free Consultation

Annulled vs Failed

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.