A proposal is a repayment plan negotiated between a company in financial difficulty and its creditors.
A commercial proposal is a legal procedure provided for under the Bankruptcy and Insolvency Act. Managed by an authorized trustee, it presents an offer to creditors to negotiate debt repayment terms. This alternative to bankruptcy enables an insolvent company to discharge its debts while continuing to operate. Creditors benefit from a higher amount than in bankruptcy, ensuring the best interests of all parties involved.
.svg){kind=icon}
.svg){kind=icon}
To negotiate advantageous repayment terms with their creditors, including debt reduction, extended payment terms and reduced interest.
.svg){kind=icon}
.svg){kind=icon}
To create a realistic repayment plan with creditors, reducing debt and spreading out payments to avoid bankruptcy and stabilize their financial situation.
.svg){kind=icon}
.svg){kind=icon}
To restructure their debt, renegotiate their financial obligations and set up a repayment plan adapted to their financial capacity, while continuing to serve their social mission.
No matter what stage you're at with your finances, you've come to the right place with us. We'll help you get your financial house in order, and back on track to a bright future.
Fill in one of our forms and we'll contact you to arrange a short call.
.svg)
.jpg)
We'll analyze your case and present you with objective solutions.
.jpg)
We'll quickly implement the steps you need to regain control of your finances.
.jpg)
No, not all creditors are obliged to accept the proposal. However, if the majority of creditors accept the repayment plan, it can be approved by the court even if some creditors object.
If the proposal is accepted, the company is bound by the repayment terms agreed with its creditors. In this way, the company can avoid bankruptcy and continue to operate.
If the proposal is rejected, the company may be forced to file for bankruptcy. In this case, a trustee in bankruptcy will be appointed to liquidate the company's assets and reimburse creditors.
To qualify for a proposal, the company must demonstrate that it is in financial difficulty, but that it has a realistic chance of recovering and repaying its debts according to the proposed terms.
The preparation of a proposal may vary according to the complexity of the company's financial situation. It can take from a few weeks to several months.
If the company fails to meet the repayment terms agreed in the composition proposal, this may result in the termination of the agreement by the creditors, which could lead to the company's bankruptcy. It is essential to respect the commitments made in order to maintain the confidence of creditors and return to stable financial health. Groupe Serpone can help you draw up a realistic and viable plan to minimize the risk of non-compliance with repayment terms.
I would like to express my sincere gratitude. Your professionalism and the humanity with which you handled my situation softened my experience of this not very gratifying experience. I was very satisfied with the services of the lawyer you recommended, and I would highly recommend him to anyone facing this type of situation. You will be the trustee in bankruptcy that I will recommend in all appropriate circumstances.
