if CP is refused

Hi there, if proposal is refused (we are offering more than 75% of what owing), can we counter offer or just file for bankruptcy?

Thank you

Posted from: Ontario

One Response to “if CP is refused”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Talk to your trustee about this, but the consumer proposal legislation has a mechanism built in to provide an opportunity to negotiate. What happens is at the 45 day mark your trustee must arrange with a creditor to have a creditor meeting requested. This will then extend the vote by an additional 21 days and give you the necessary time to try the counter offer.