Question: when does the consumer proposal take effect ? at the time of signing or creditor acceptance ?
Answer: Upon signing the proposal, the proposal administrator (your trustee) will electronically file it with the Office of the Superintendent of Bankruptcy, and it immediately takes effect, meaning that your creditors cannot sue you or take any other action. The creditors then have 45 days to vote on the proposal. If a majority of the dollar value of the creditors accepts the proposal, the proposal is then deemed to be approved.
If the creditors do not accept the proposal, the proposal is defeated, and the creditors have the right to pursue you, which may then make it necessary for you to file bankruptcy.