Free Consultation

Proposal and Foreign Creditors

I have a number of foreign creditor and an looking at filing a consumer proposals. Can/should these debts be rolled up into the porposal or do they need to be handled outside of the proposal?

Posted from: Ontario

One Response to “Proposal and Foreign Creditors”

A licensed trustee said...

Your foreign creditors must be included on the list of creditors you offer your proposal too – it’s part of ther law. The good news is you will be protected from those creditors in Canada. The bad news is if you have income or assets in those foreign countries they will not be protected by your filing in Canada.