If a Division II proposal is accepted by two thirds of the total amount owed and a majority in number by the creditors,then it is legally binding on all unsecured creditors,whether they voted for or against it.

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In a Division II proposal under the Bankruptcy and Insolvency Act in Canada, if the proposal is accepted by a majority in number and two thirds in value of the creditors who vote on the proposal, it becomes legally binding on all unsecured creditors, regardless of whether they voted for or against it.

If a Division II Proposal Is Accepted by Two Thirds