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Closing of a business and proposal votes

We are closing our business. With a proposal to creditors – can we be included in the vote – as the company we are closing is incorporated – and we are owed money by the company.

We also own another company – that is also owed money by this company.

At a proposal – will we get a vote as well?? Because I think we hold close to 50% of the debt.

The company also owes a family member some money – but she is elderly and ill – and not able to attend a meeting – will she be able to vote in advance by afidavit or something??

thanks – great blog – very helpful

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One Response to “Closing of a business and proposal votes”

A licensed trustee said...

Unfortunately, the Bankruptcy and Insolvency Act contains a provision that restricts related parties from voting “for” the acceptance of a proposal, they may only chose not to vote or to vote against. The reason is to make certain that companies (and/or individuals) don’t suddenly create a large amoutn of related party debt to influence how a vote may turn out.

The related parties may still submit claims and receive payments from the proposal – they simply can’t force the proposal to be accepted if the non-related parties vote against it.