Free Consultation

Cost of withdrawing a proposal

Is there a cost involved if I withdraw my proposal?

Posted from: Ontario

One Response to “Cost of withdrawing a proposal”

A licensed trustee said...

You have 60 days from the date you file your proposal to withdraw it. Whether or not you are required to pay your trustee a fee for their time is between you and your trustee. The fee to prepare a proposal is $1500, plus GST plus $100 filing fee to the government. If your trustee has done all of the things they were required to do then they are legally entilteld to be paid for the service.

In our own practice, proposals are withdrawn so infrequently that we consider each case individually when they are withdrawn. If something has changed in your situation to your detriment so the proposal makes no sense then we don’t usually assess a fee.

You’ll have to speak to your trustee.