Creditors must accept the proposal for repayment put forth by a debtor under the
Bankruptcy and Insolvency Act.

Question

Quizplus · Accepted Answer

Creditors are not required to accept the proposal put forth by a debtor under the Bankruptcy and Insolvency Act. They have the right to vote on the proposal and may choose to accept or reject it. If a majority of the creditors vote to accept the proposal, it is binding on all parties. If the proposal is rejected, the debtor may have to pursue other options for resolving their debts, such as filing for bankruptcy.

Creditors Must Accept the Proposal for Repayment Put Forth by a Debtor