A Proposal is a formal legal proceeding that can only be filed with the help of a Licensed Insolvency Trustee in accordance with section 50 or 66 of the Bankruptcy and Insolvency Act. It’s a very specific, and highly regulated process under which both a debtor (the individual who owes money) and the creditor(s) (the people or companies that are owed money) have various rights and responsibilities. Since it is a formal legal process, a proposal is legally binding ...
