Corporate Proposals
Under the provisions of the Bankruptcy and Insolvency Act, corporate proposals afford a struggling organization protection from creditors and provide the breathing space needed to devise a plan of recovery. The process for completing a Corporate Proposal is contained within the Bankruptcy and Insolvency Act and includes the following steps:
Filing a Notice of Intention
Filing of Cash Flows
Filing of Corporate Proposal
Meeting of Creditors
Application for Court Approval
As stated, the process and deadlines of a corporate proposal are mandated within the Bankruptcy and Insolvency Act. The most important step in the process for all parties is, without question, the Meeting of Creditors. At the Meeting of Creditors, the creditors vote to either accept or reject the proposal. Accordingly, from a debtor's perspective it is important to consider the interests of all creditors when constructing a proposal and how the proposal may affect the voting. From a creditor's perspective it is important to understand how the voting process works, and what steps may be undertaken to ensure your interests are considered.
Alger & Associates Inc. has represented the interests of both debtors and creditors in this process. Regardless of our roles, we will help guide your company through the process, facilitating interaction between debtor and creditors along the way. Our overriding goal is to ensure maximum benefit to all stakeholders and provide the foundation for a strong and sustained recovery.
To find out more about the services of Alger & Associates Inc. please click on one of the links in the navigation bar located on the left side of this page. To speak to an Alger & Associates professional about how we can help, please contact Our Team.
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