Question: What is maximum time allowed for creditors to accept a consumer proposal under any or all circumstances ?
Answer: On the 45th day after a consumer proposal is filed, all votes are counted. If more than 50% of the dollar value of the creditors voting have voted in favour, the proposal is accepted. If however, more than 25% have voted against, a creditor’s meeting is held approximately 21 days later, at which time the final votes are counted. Your proposal administrator or trustee will be able to provide the exact dates in your situation.