Opening a business after filing a consumer proposal. My husband and I filed a consumer proposal in 2009. We got an automatic discharge in 2010 after we were able to pay all the creditors early. The Trustee was discharged in 2011.
We are opening a business and the application asks “have you made an assignment or been petitioned into bankruptcy? Are there writs registered against my name”
There are no writs and the consumer proposal was 7 years ago. Do I have to disclose the consumer proposal and if so would it affect the loan?
You can truthfully answer no on your business application paperwork because a consumer proposal is not a bankruptcy.
Earl Sands, Licensed Insolvency Trustee (LIT)