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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Consumer proposals and shareholder loans

Can shareholder loans be part of a consumer proposal ? I’am a director and majority shareholder of my incorporated business. I took a shareholder loan from the company last year and it is payable now. I have other unsecured debt for which I want to file a consumer proposal. Can I include this shareholder loan as part of the proposal?

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One Response to “Consumer proposals and shareholder loans”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

As there is nothing in the Bankruptcy and Insolvency Act that prevents this and this is a claim that can be cleared by successfully completing consumer proposal. Although, as the corporation would be considered a non-arms length creditor they (i.e. the corporation) would not be eligible to vote in favor of the proposal, it would be necessary to have the majority of the other creditors support.