Proposal
When this is the most viable option, we will be able to recommend holding proposals that are worthwhile and acceptable to all parties involved. The purpose of the proposal is to keep your business running, preserve jobs, proceed to a corporate restructuring, maintain your clientele, etc.
The proposal has several advantages:
- Your company is protected from seizures;
- The debtor maintains seisin of his goods and continues operations;
- Assets are frozen;
- All recourse by creditors is suspended;
- No proceedings can be launched (with some exceptions);
- Administrators are discharged from their statutory responsibility for unpaid government debts (GST and PST);
- Commercial leases can be cancelled - in certain circumstances;
