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Division I Consumer proposal

After a Division I Consumer proposal was accepted by the creditors how long will it take to get its court approval? Also what are the chances that the court will not approve this proposal despite the approval of the creditors?

Posted from: Ontario

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One Response to “Division I Consumer proposal”

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

Firstly, a Division I Proposal and a consumer proposal, while very similar, are two distinctly different types of proposal and have their own court approval requirements.

It is most likely you have filed a consumer proposal and with this type of proposal there is only need for court approval if requested, otherwise you have deemed approval and this very rarely occurs.

If you have any more specific questions on this you are best to contact the trustee you are using and they will know exactly what type of proposal was filed and where in the process you sit.