What happens if my creditors vote against accepting my consumer proposal?
Every consumer proposal is unique and will depend on your creditors and other factors. Having a Licensed Insolvency Trustee negotiate with your creditors is your best option for a fair settlement. If the creditors vote 25% or more against accepting your proposal, the administrator will have to call a meeting of creditors. During that meeting, your Insolvency Trustee will help you negotiate with your creditors in an attempt to find an agreement that both you and the creditors find acceptable. Unfortunately, if 50% or more of the creditors reject the consumer proposal, the consumer proposal cannot continue. If that happens, your Insolvency Trustee will help you find another alternative to help you deal with your debts.
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