This is a lawfully binding method administered by a bankruptcy trustee who will do the job along with you to build a ‘proposal’ to:
Most private bankruptcies in Ontario are summary administrations. Fees in the summary administration are determined by a govt tariff set our under Rule 128 in the Bankruptcy & Insolvency Act and so are based mostly with a proportion of realizations in the bankrupt’s estate.
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If, possessing reviewed your circumstances and your options with you, we recommend that bankruptcy is inevitable, we operate to ensure the process is as tolerable as is possible for yourself.