Consumer Proposal Limit

June 12th, 2009 by Questions

I understand the limit may be raised to $250k from $75k – any idea when this would happen?

Posted from: Ontario


One Response to “Consumer Proposal Limit”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

You are correct that there are some changes to the Bankruptcy and Insolvency Act looming. The problem is these changes have been looming for quite some time.
These changes (originally referred to as Bill C-55, now are contained in a revised Bill C-12) were originally passed into law on November 25, 2005, the problem is that the have never received Royal Assent.

In terms of when this is anticipated, I have no idea. Over the last 4 years their have been a number of rumors as to when this is to be expected to take placeand none of these have been accurate, so at this time all we can do is to sit and wait. The most recent indication from both The Office of the Superintendent of Bankruptcy and the Canadian Association of Insolvency and Restructuring Professionals was that the amendments would not come into force until March 2009 or later and we have already missed that mark as well. So for now it is something that all we can do is sit and wait.


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