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SQ

I submitted a CP for which I owed 150,000. I was informed that all creditors except two have accepted my CP, however we still have to wait the 45 days. The creditors that accepted hold 125,000 of the debt. Does this not mean that my CP should be automatically accepted?

Posted from: British Columbia

One Response to “SQ”

A licensed trustee said...

Unfortunately, there’s no way to shorten the approval period. The good news is your creditors have abviously voted in favour so all you have to od is “run out the clock”.

The law stipulates a 45 day voting period, at the end of which, unless creditors with 25% of the voting claims have asked for a creditors’ meeting, your proposal is deemed to be accepted by your creditors. 15 days later it is deemed to be accepted by the court. So, regardless, it always takes at least 60 days for a proposal to be approved.