INFORMED FINANCIAL SOLUTIONS
Proposal
FILE A PROPOSAL IN GATINEAU, OTTAWA AND OUR OTHER OFFICES
The proposal is a procedure that can be requested by any insolvent person, i.e. a natural person or a legal person (corporation). The proposal is made to the general creditors' estate. Such a proposal is constituted only if the outstanding debt is commercial by nature, or if it is a cumulative personal debt exceeding $250,000. Our consultants will assist you with your proposal in Gatineau, Ottawa, Val-d'Or or in another of our 15 agencies.
Role of the proposal
The proposal is used to:
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Keep a business running to avoid bankruptcy and closure of operations
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Maintain jobs
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Preserve profitable divisions and close the ones with a deficit
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Restructure operations to make them viable
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Hold the assets and make a settlement on unsecured debt
In addition, a corporation may benefit from the protection provided by the Bankruptcy and Insolvency Act by filing a notice of intention, which allows for a stay of proceedings until the proposal is filed. This procedure provides a reasonable period of time to implement a structural reorganization or to obtain new financing to ensure business continuity.
What does the proposal consist of?
The proposal may provide for:
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Periodic payments
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A procedure for the sale of certain assets
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A procedure for selling the company in operation
The proposal must be accepted by a required majority of creditors prescribed by law and be approved by the court.
Contact us to prepare your file. We can also assist you in your company's day-to-day accounting to prevent financial problems.
