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Will 50% or more suffice?

Hi There

We are in process of waiting out the 45 day period to see if our proposal gets accepted. It appears our largest creditor may be accepting the proposal. They have more than 50% of out total debt. If they accept it, does that mean it will be approved because they own more than 50% of the debt?

Thank you

Posted from: Ontario

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One Response to “Will 50% or more suffice?”

A licensed trustee said...

You really should direct this type of question to your trustee – that’s one of things they are being paid to do (answer your questions), but since we don’t get many voting questions, we decided to post yours…

Voting in a consumer proposal is simple: every dollar you owe is a vote and we need a simple majority of the dollars that vote to accept your proposal. If a company doesn’t vote then that debt doesn’t get counted towards the total either for or against.

If one of your creditors represents more than 50% of your total debt and they vote “for” then your proposal will be accepted. Your trustee will still wait until day 46 to confirm that fact, but it sounds like you are in good shape.