3. The trustee sends the creditors a report on the financial affairs of the person.
Including the causes of financial difficulty; a copy of the proposal; a list of creditors and the trustee’s recommendation and reason why the creditors should accept the proposal.
If no objection to the proposal is received within 45 days of the filing of the proposal it is deemed to have been accepted by the creditors.
If no objection is received within 15 days after the deemed acceptance it is deemed to have been approved by the court.
When any creditor dissents a creditors’ meeting is required.
Creditors’ Meeting to Consider the Consumer Proposal.
- Consumer proposals are considered accepted if, within 45 days of the the filing, a creditor has not objected. If any creditor objects a creditors’ meeting is required;
- At this meeting the creditors will vote on the proposal, with the majority of dollars voting on the refusal or acceptance of the proposal deciding if the proposal will be accepted or not;
- All creditors, regardless of how they voted on accepting or rejecting the proposal must accept the terms of the proposal if it is accepted;
- If the creditors do not accept or the court does not approve the consumer proposal, the individual in debt will not be allowed to make a new proposal to the creditors;
- The person will not be considered bankrupt in the case of the consumer proposal not being accepted;