Can the terms of the proposal be amended at the request of the creditors?
June 29th, 2011 by Questions
Can the terms of the proposal be amended at the request of the creditors if the ‘proposer’s’ circumstances change ie: there is an inheritance or a change in income during the proposal period?
Posted from: Ontario
One Response to “Can the terms of the proposal be amended at the request of the creditors?”
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June 29, 2011 at 7:42 am, A licensed trustee said:
The creditors do not have the right to amend a proposal after it has been accepted by the Court. They do have the rright to ask the Court to review a proposal if they think it is warranted.
So, if you file a proposal and it is accepted and then you receive an inheritance the most importnant question you’ll have to answer is “when you filed the proposal did you know, or should you have known, about the inheritance”. If the person had already died then there may be problems. If you had no knowledge whatsoever of thier situation then you’ll be ok.
If you want a more detailed explanation then you’ll need to speak to a lawyer.