Are you looking for a solution that will enable your business to get out of debt while continuing to operate?
Why choose the composition proposal?
A proposal is an agreement between the trustee and your creditors. The aim of this agreement is to enable your company to continue its activities by extending the repayment period and readjusting the amount according to your company's ability to meet its obligations.
All stakeholders benefit from this expectation:
- You can keep your business, continue operations and pay off your debts.
- Your creditors collect more money than they would have if you had opted for a commercial bankruptcy.
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Who is it for?
Have you ever gone bankrupt? Do you have the means to meet some of your obligations? Do you hold a professional license? Do you have assets worth more than the sum of your debts?
The benefits
- The composition proposal is not governed by rigid terms and conditions, allowing you to adapt the amount and repayment period to your situation, as long as these are reasonable and accepted by the creditors.
- You won't have to negotiate with creditors; the syndic takes charge of the whole process.
- Regardless of the amount of your debt, you are eligible for a proposal.
- From the moment the proposal is filed, payments to creditors, garnishments and legal proceedings are suspended.
- Stopping payments as soon as the notice is filed saves you time and extends the repayment period for your debts.
- Both individuals and companies are eligible for this proposal.
Notice of intent
Short of time to prepare your proposal?
You can already file a notice of intent. It's a simple document
which alerts creditors to the filing of a proposal within the next 30 days.
In this way, you can avoid any legal proceedings or measures that your creditors might take, which could have a negative impact on your company's operations.
The concordat proposal in 8 steps
- Consultation with a building manager
- Filing the notice of intent
- Filing the proposal
- Suspension of garnishment, legal proceedings and payments to creditors
- Presenting the proposal to creditors
- Creditors' meeting
- Approval of the proposal
- Repayment of the amounts agreed in the proposal
The ultimate debt-relief solution!
Would you like more information on the proposal?
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FAQ
Got questions? We've got answers.
Debt consolidation allows you to consolidate your debts. It's not uncommon for people to opt for debt consolidation and still live with the stress of debt. This solution can be effective insofar as a person is able to repay 100 % of his debts with interest.
The consumer proposalThe syndic has the power to negotiate a reduction or extension of your payments with your creditors, depending on your ability to pay. By opting for the consumer proposal, you make just one payment per month, interest-free.
The main difference lies in the way debts are repaid and the consequences that follow. In a consumer proposal, you propose a repayment plan to your creditors, while in a personal bankruptcy, your assets may be liquidated to repay your debts. A consumer proposal often allows you to keep certain assets and avoid a forced sale. What's more, a personal bankruptcy may have a greater impact on your credit rating.
A consumer proposal is a legal solution offered to overindebted people to negotiate with their creditors and eliminate part of their debts. It works by allowing you to make an offer to your creditors to repay part of your debts over a given period.
Debt consolidation enables you to consolidate your debts by borrowing the total amount due from a financial institution. You then use the amount borrowed to pay off your debts. You then make a single monthly payment to the financial institution that lent you the total amount of your debts. Debt consolidation does not reduce the amount of your debts.
If the proposal is accepted by a majority of your creditors, you will be able to repay your debts according to the agreed terms, while avoiding personal bankruptcy.
Debt consolidation allows you to consolidate your debts. It's not uncommon for people to opt for debt consolidation and still live with the stress of debt. This solution can be effective insofar as a person is able to repay 100 % of his debts with interest.
The consumer proposalThe syndic has the power to negotiate a reduction or extension of your payments with your creditors, depending on your ability to pay. By opting for the consumer proposal, you make just one payment per month, interest-free.
Yes, it is possible to benefit from a consumer proposal even if you have been bankrupt in the past. However, it is important to consult a licensed insolvency trustee to assess your specific situation. The trustee will be able to determine whether a consumer proposal is the best option for you, taking into account your financial history and current needs.
A consumer proposal allows you to negotiate with your creditors to reduce the amount of your debts. However, it's important to note that some debts cannot be included in a proposal, such as alimony, criminal fines or debts resulting from fraud. A licensed insolvency trustee will be able to guide you on which debts are eligible and which are not.
The duration of a consumer proposal can vary according to individual circumstances. Generally, the process lasts between 3 and 5 years. During this period, you will be required to make the payments agreed in the repayment plan. These payments are based on your financial capacity and are determined in collaboration with the trustee.
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