December 30th, 2009 by Questions
If a consumer proposal is not accepted – can it be resubmitted should you find a way to increase it slightly?
Posted from: Ontario
December 31, 2009 at 10:53 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
With a consumer proposal there is a mechanism built in to the process to allow you to negotiate the amounts with the creditors should they not accept your initial offer. This is typically done by have a creditor meeting called (to extend the period of voting from 45 days to 66 days) and give you a chance to see what the creditors will require and see if you are able to sweeten things enough to get the creditors on board.
However, if the consumer proposal is not accepted and you are not get enough creditors on side or failed to take advantage of this ability to negotiate the terms and the proposal is rejected, then you are not able to offer a second consumer proposal without court permission.
Log in to Reply
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.)
You must be logged in to post a comment.