Frequently asked questions:

Proposals to Creditors.

Q. Should I consider the Proposal Option as a means of dealing with my creditors as an alternative to Bankruptcy?

A. Yes! You should explore the Proposal Option.

A proposal for an individual or a business may be a good option if you want to make full or part payment of your debts but cannot presently handle your debts.  Ask us for details on the types of proposals available to you and we will be happy to review your situation with you and provide you with your options. 

A Division I Proposal may be an option if your debts exceed $ 75,000 not including the mortgage on your home.  It is a statute mandated method of restructuring or reducing debt but must be approved by a Special Resolution at a meeting of creditors, and anyone considering this course of action must bear in mind that a negative vote results in bankruptcy.  Contact us for more information.

A Consumer Proposal may be a good option to resolve your difficulties with your creditors if you have consumer debt of less that $75,000 not including mortgage debt on you home, you find yourself unable to pay them, or if you wish to negotiate your debts with your creditors but you do not wish to file a bankruptcy assignment.  In order for your creditors accept your proposal, they have the right to require a meeting to consider your proposal, or they may accept by doing nothing.  If your proposal is approved by your creditors at a properly constituted meeting, it is accepted; if no creditor objects or requests a meeting within 45 days of filing your proposal, it is deemed to be accepted.   Further, if your proposal is accepted, it is binding on all of your unsecured creditors, but you will still have to pay your debts to Canada Customs and Revenue Agency (formerly Revenue Canada), as well as any secured debt you may have, such as a mortgage.  If your proposal fails, you are not deemed to be bankrupt as a result.

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How to Contact Us:

Telephone:
               (604) 683-8030        

FAX:
(604) 683-8327

Postal address:
Suite 520 - 625 Howe Street
Vancouver, B.C. Canada, V6C 2T6

Electronic mail:
General Information: info@manning-trustee.com
William Choo: wc@manning-trustee.com
Don Manning CIRP*: dnm@manning-trustee.com