How long do I have to respond to a proposal?
I have been involved in insolvency proceedings for a large amount for 7 months. One of the creditors is the CRA. They have now come back with a counter proposal but I am currently exploring options that may be more comfortable for me (line of credit or second mortgage). But I don’t know if those things will pan out and I don’t want to withdraw my proposal unless I am sure they will. How much time can I get to think about the counter proposal while I see if the other options will work for me? I don’t feel the need to rush now because they took so long responding to us. I need some time to weigh my options.
Has CRA requested a meeting of creditors? Assuming that they did, then any proposal must be approved by your creditors at that meeting.
Therefore, you can have your trustee speak to CRA informing them that you need more time to figure out how you’re going to finance the proposal terms CRA is seeking. Once you have everything in place and you’re good to go, the trustee will then hold a meeting of creditors so that CRA and your other creditors can formally approve the proposal.