if CP is refused

November 14th, 2011 by Questions

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.

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