Bankruptcy and Insolvency Act
Who is Eligible to Make a Notice of Intention to Make a Proposal?
The Notice of Intention is a legal process that allows an insolvent company or person to restructure without the risk of litigation, seizure and/or recovery proceedings by their creditors. Generally, it is used by insolvent persons who are profitable or have an ability to become profitable with continuity of their operations. Following the filing of a Notice of Intention, the ultimate objective is the acceptance of a creditor proposal and the continuity of operations.
Who is Authorized to Act as Administrator of the Notice of Intention to Make a Proposal?
A Licensed Insolvency Trustee.
What is the Duration of the Notice of Intention?
What Kind of Circumstances Justify Recourse to the Notice of Intention to Make a Proposal?
Advantages: Notice of Intention to Make a Proposal