FAQ's for Corporate Finance & Acquisitions
What happens if a Consumer Proposal is not accepted?
What happens if a Consumer Proposal is not accepted?
If the Proposal is rejected, you will no longer be protected by the Act. The Administrators will, within five days, notify you, all your creditors and the Official Receiver of this fact. Your creditors will now be able to take legal steps to recover their debts from you. If you were bankrupt when you made this proposal, the administration of your bankruptcy will continue.
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What happens if a Consumer Proposal is not accepted?
What happens if a Consumer Proposal is not accepted?
If the Proposal is rejected, you will no longer be protected by the Act. The Administrators will, within five days, notify you, all your creditors and the Official Receiver of this fact. Your creditors will now be able to take legal steps to recover their debts from you. If you were bankrupt when you made this proposal, the administration of your bankruptcy will continue.
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