How long do I have to respond to a counter proposal?
I’ve been involved in insolvency proceedings since January. I only have two creditors, the CRA and another bank. The CRA has the majority of the debt (94%).
The CRA asked for a ridiculous amount but they have now countered with something a bit more reasonable. My husband and would like some time to think about it and crunch some numbers.
How long do we have to think about it and is there any documentation on a response time to a counter-proposal from the creditors? We need to explore some other options but don’t want this dropped. It took them 9 months to respond, we just need a couple of weeks.
There is no set time for a response to a counter offer to your proposal you made to your creditors.
I suggest you advise your trustee what day you will respond and ask him to advise CRA if this is acceptable to them.