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False decleration

What if someone declares a debt free asset as being sold a few months before filing for a consumer proposal, but in reality they still own it, and after filing for a CP, have traded it to purchase a new vehicle. Does this affect the filed Consumer proposal?

Posted from: Ontario

One Response to “False decleration”

A licensed trustee said...

If you are aware that someone has done this then you need to decide whether or not you will inform their trustee. Without knowing all the facts I can’t tell you whether or not the proposal will be placed in jeopardy because of what this person has done – that is a possibility, but it may make no difference at all. It all depends on the particular facts in this case.

Call the trustee handling the proposal and they will help sort this out.