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In Order to Gain Creditor (As Opposed to Court) Approval

Question 17

Multiple Choice

In order to gain creditor (as opposed to court) approval for a proposal under the Bankruptcy and Insolvency Act, a proposal must command


A) only the support of a majority of secured creditors.
B) at least two- thirds of creditors.
C) the support of a majority of creditors in each class representing at least two- thirds of the face value of the debtor's debt in that class.
D) a bare majority of all creditors in every class, plus the support of all secured creditors.
E) an absolute majority of all creditors in every class, plus the support of all secured creditors.

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