Notice of Intent to File a Proposal
Many times the creditors exert so much pressure upon a company that the directors do not have time to properly assess its future viability and financial structuring. Certain creditors may have already taken proceedings against the company rendering it almost impossible to continue operating. In that case a company may stop all proceedings by filing a notice of intent to file a proposal. This stays all proceedings for 30 days and allows the company to properly formulate a realistic proposal to its creditors.
The proposal will generally suggest that the creditors accept a reduction in the debt owed to them and a longer period of time to receive payment on the reduced debt (up to 5 years). Our experts have the experience and the knowledge to help you make an informed decision and to guide you towards a proposal that is likely to be accepted by your creditors.
Call us and our experts will explain the procedures in detail.
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