Approval or Rejection of a Proposal at a Creditors' Meeting

Summary

This practice note discusses the process for creditors to vote on a proposal made by a debtor under Part III, Division 1 of the Bankruptcy Insolvency Act, including the classes of creditors entitled to vote, the requirements for voting and the overall voting procedure. It also discusses the impact of the creditors' approval or rejection of the proposal, the circumstances in which a creditors' meeting may be adjourned, as well as a creditor's ability to alter the terms of a proposal.