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Proposals in Ottawa

The proposal division is also a procedure under the Bankruptcy and Insolvency Act that is available to either individuals or corporations to reorganize their affairs and to offer a payment to the creditors over a period of time.

There is no limit to the amount owing. The debt can be a combination of personal and business debt.

The procedure is not limited to payments; it can also the include sale of assets.

There is no newspaper publication in regards to the meeting of creditors.

A corporation can also benefit of the protection of the Bankruptcy and Insolvency Act while it is preparing the terms and condition of the proposal.

Advantages

The proposal would allow the company to maintain operations and keep employing staff.

The assets are retained in a proposal.

The proposal allows a settlement of a portion of the debt over a period of time without having to declare bankruptcy.