March 20th, 2013 by Questions
i have a business with a partner and bills are pilling up including hst income tax arrers payroll deductions and comp can we do a consumer proposal so we can keep our business going
Posted from: Ontario
March 20, 2013 at 8:50 pm, A licensed trustee said:
If your business is incorporated it cannot file a consumer proposal, but may be eligible to file a Division I proposal (a more complicated procedure that allows businesses and individuals with very high debt to offer proposals to their creditors).
If it is a true partnership, operated by individuals then the individual owners may file a consumer proposal, and it is possible (although unlikely) they might file a single proposal “jointly” to deal with the situation.
My best advice is to speak directly to a trustee, or a lawyer that specializes in insolvency matters. Either should be able to tell you whether or not a consumer proposal (or perhaps a Division I proposal) make sense in your situation.
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