consumer proposal in canada and us property
November 16th, 2009 by Questions
Thank you for your answer but I still could not comprehend: if a non-Canadian creditor agreed on a cosumer proposal would he still attack my US property afterwards bypassing Canadian creditors who could not do this?
Posted from: Ontario
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November 16, 2009 at 10:23 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Likely the US creditor wouldn’t vote on the proposal, they simply would loose their right to avail themselves of the Canadian Collection process. However, they retain the right to attack US property. It is not a matter of bypassing Canadian creditors, it is a matter of foreign debts being subject to different laws. So the non-Canadian creditor would likely attack the US property.