Consumer proposal

Consumer proposal

By making a consumer proposal to your creditors, you can discharge your debts and start all over with complete peace of mind. Your Licensed Insolvency Trustee will guide and support you every step of the way until you regain your peace of mind.

Preliminary meeting

The Licensed Insolvency Trustee will listen to get a better understanding of your situation and will propose different solutions available to you. Then there are the necessary forms to sign.

Day 1

The Licensed Insolvency Trustee files the necessary paperwork for you. From this point on, he or she will take care of everything for you.

Days 1 to 5

The Licensed Insolvency Trustee advises your creditors in writing.

Day 45

If fewer than one quarter of creditors call for a creditors’ meeting, your proposal is considered accepted. If not, the Licensed Insolvency Trustee will call the first creditors’ meeting within 21 days.

Between days 10 and 60

Your counsellor reports back to you and counsels you on how to avoid critical situations in the future.

Day 66

If a creditors’ meeting is called, your Licensed Insolvency Trustee will try to negotiate an acceptable agreement. If the majority of creditors agree, then the proposal is accepted. If not, your trustee will advise you on the alternatives and procedures that follow.

Between days 40 and 210

Your counsellor looks over the causes of your financial problems with you and proposes available resources to help you get your situation under control.

On the 15th day after your proposal was accepted

If no changes are requested, your proposition is approved.

Discharge of all debts

Once all the agreed-upon payments have been made, the Licensed Insolvency Trustee produces a certificate and frees you from all debt related to your proposal.