When you file consumer proposal in Canada, there is no vesting of assets as is required in a bankruptcy. This means no assets are lost, unless you choose to sell those assets.
However, one of the requirements of putting together a consumer proposal is that you must provide a greater recovery for the creditors then they would receive in a bankruptcy. As a result your proposal must indirectly reflect the value of these assets.
For a more detailed explanation of how this works and to get an idea of what types of payments would be required in a proposal you are best to contact a licensed trustee directly and they will be able to outline all the specifics you require.
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1 Comments:
At 11:10 AM,
Barton Goth, GCO Inc. Bankruptcy Trustees said…
However, one of the requirements of putting together a consumer proposal is that you must provide a greater recovery for the creditors then they would receive in a bankruptcy. As a result your proposal must indirectly reflect the value of these assets.
For a more detailed explanation of how this works and to get an idea of what types of payments would be required in a proposal you are best to contact a licensed trustee directly and they will be able to outline all the specifics you require.
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