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Proposition concordataire


By making a proposal to your creditors, you can pay off all your debts and make a fresh start.

Bankruptcy isn’t the only possible solution. By making a proposal to your creditors, you can pay off all your debts and make a fresh start. At each step in the process, our Licensed Insolvency Trustees will guide and support you so your business can get back into financial shape.

Preliminary meeting

Your Licensed Insolvency Trustee assesses the situation and explains the possible solutions. At this stage, there are two options: filing a notice of intention to make a proposal (giving you time to develop a plan) OR the immediate filing of a proposal to your creditors.


You will need to sign either the notice of intention to make a proposal or the proposal itself before submitting either to your creditors.

Filing a proposal

The Licensed Insolvency Trustee files the documentation with the Office of the Superintendent of Bankruptcy to register your proposal. Within the next 21 days a meeting of creditors takes place so the concerned parties can vote either for or against the proposal.

Notice to creditors

To advise of the date of the meeting, the Licensed Insolvency Trustee will send a notice to all creditors comprising of: the proposal, the statement of affairs and the Licensed Insolvency Trustee’s report on the financial affairs of your company.

The vote on the proposal

Between the proposal filing date and the date of the creditors’ meeting, each creditor may assert his or her right to vote. In order for the proposal to be accepted, a simple majority of creditors must approve the proposal and the vote must also reflect a two-thirds majority in terms of the amount owed.

Meeting of creditors

Your Licensed Insolvency Trustee will be present to report on the company’s financial affairs and to explain the proposal submitted. Creditors therefore can change the way they intend to vote. It’s also possible for your company to amend its proposal to satisfy the demands of its creditors. In the case where the proposal is rejected, the company is deemed to have made an assignment in bankruptcy.

Approval by the Court

Following acceptance of the proposal by creditors, your Licensed Insolvency Trustee needs to attend at court in order to have the proposal ratified.

Payment in accordance with the terms of the proposition

Your company must now begin remittances to the Licensed Insolvency Trustee in accordance with the terms of the proposal. These payments must not be in default for more than thirty days relative to the payment schedule under the proposal, unless the creditors or inspectors authorize additional time for payment.

Certificate of Full Performance of Proposal

Following payment in full of the sums agreed to in the proposal, the Licensed Insolvency Trustee submits a Certificate of Full Performance of Proposal to your company confirming that all of your past debts have been fully discharged.