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business consumer proposal

What happens if cra refuses consumer proposal for small business and other creditors vote yes?

Posted from: Nova Scotia

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One Response to “business consumer proposal”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This all comes down to percentage. You need to have the majority of the creditors vote in favor of the consumer proposal. if you don’t get the majority in dollar value, the proposal is not accepted and you are still responsible for the full balance of all your creditors. At this point usually the only other option is the filing of a bankruptcy.