consumer proposal withdrawal

November 20th, 2009 by Questions

How do you go about withdrawing a CP? What are the costs to me re the trustee? And, how soon can I file another one with a different trustee? Have you come across this in your practice? I talked to the official receiver, who said `you are going to get a headache if you do that` and I wonder what he mean`t.

Posted from: Ontario


One Response to “consumer proposal withdrawal”

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

There are a couple of holes in this plan that would result in much more than a simple headache.

First, it is not always possible to withdraw a consumer proposal, it depends at what point your consumer proposal is at.

Second, you legally are not able to file a second consumer proposal on the same debts and as a result may find that the filing of a bankruptcy would be your only option outside of paying your debts in full.

So you may want to think about this and discuss it in more detail with a licensed trustee prior to proceeding very far in this direction.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)