Under the Bankruptcy and Insolvency Act there are two types of' Proposal's that can be made. A proposal filed under Division I, which is applicable to companies and any individual who wants to avail himself of it. There are also "consumer proposals, which are a special type of proposal that a consumer can avail himself of but only if his debts, excluding mortgages on real property, do not exceed $75, 000. One of the main features of a consumer proposal is that if the creditors do not accept the proposal, the person is not automatically bankrupt as in a Division I proposal.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). proposal. Retrieved September 20, 2026, from http://smartdefine.org/proposal/definitions/1161366 |
| Chicago | Barry Goldsmith. 2010. "proposal" http://smartdefine.org/proposal/definitions/1161366 (accessed September 20, 2026). |
| Harvard | Barry Goldsmith 2010, proposal, Smart Define, viewed 20 September, 2026, <http://smartdefine.org/proposal/definitions/1161366>. |
| MLA | Barry Goldsmith. "proposal" 21 October 2010. Web. 20 September 2026. <http://smartdefine.org/proposal/definitions/1161366> |