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recent changes to the bankrupcy / proposal rules

With recent changes to the bankrupcy / proposal rules specifically to that the 25% of the creditors meet before apposal can happen…how will this be enforced

Posted from: Ontario

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One Response to “recent changes to the bankrupcy / proposal rules”

A licensed trustee said...

This may be more technical than most of our readers require, but the recent law changes to proposals and voting work like this.

In order for the yes and no votes to be counted in a proposal, creditors must also request a meeting. If 25% of the proven claims do request a meeting then all of the creditors can vote no and it won’t matter (because the votes will never be counted).

We suspect that not all of the creditors are aware of this change so it may take a few months for things to sort themselves out…