{"id":5216,"date":"2016-01-23T10:20:06","date_gmt":"2016-01-23T15:20:06","guid":{"rendered":"http:\/\/pierreroy.com\/en\/?page_id=5216"},"modified":"2024-03-23T12:58:01","modified_gmt":"2024-03-23T17:58:01","slug":"business-proposal","status":"publish","type":"page","link":"https:\/\/pierreroy.com\/en\/business-proposal\/","title":{"rendered":"Business Proposal"},"content":{"rendered":"<section class=\"page-section\">\n<div class=\"container\">\n<div class=\"grid_7\">\n<p class=\"lead\">Does your company need a second life? The business proposal (Division I Proposal) allows you to make an agreement with your creditors to give a break to your business. This agreement will lower the amount of your debt and\/or extend the repayment term. The goal: to enable your company to continue its operations and to reorganize.<\/p>\n<h2>What is a Business Proposal?<\/h2>\n<p>A business proposal is a legal mechanism provided under the Bankruptcy and Insolvency Act and administered by a Licensed Insolvency Trustee. The objective of the proposal is to allow an insolvent company to free itself from the burden of its debts while continuing its operations.<\/p>\n<p>A well-orchestrated business proposal is an agreement where all parties come out winners in contrast to the bankruptcy of the company. On the one hand, the proposal allows the company to have a second life and, on the other, creditors to reach a larger sum than in a bankruptcy.<\/p>\n<h2>Notice of Intention<\/h2>\n<p>When a company is worried that one or many creditors may take legal action that would interfere with its operations, but lack of time to prepare a full business proposal, it can file a notice of intention.<\/p>\n<h2>Reasons for Filing a Notice of Intention<\/h2>\n<ul>\n<li>imminent seizure of the assets of the company or its bank account by a creditor or tax authorities;<\/li>\n<li>undue pressure from critical suppliers that prevents the company to operate;<\/li>\n<li>imminent cutoff of public services such electricity and natural gas;<\/li>\n<\/ul>\n<p>The Notice of Intention is a simple document that announces to creditors that a business proposal will be submitted to them shortly. The Notice of Intention stops all proceedings against the company and prevents future procedures.<\/p>\n<p>Once the Notice of Intention is filed, a proposal must be presented to creditors within the next 30 days. During this period, the trustee will carefully analyze the situation of the company and review its financial statements, its property and any other relevant documents. Thus it may present creditors with a state of affairs of the company.<\/p>\n<p>The initial 30-day period may be extended to a total period of six months if the company needs time to reorganize its business, update its financial and accounting information, solicit potential investors or buyers, conduct a debt refinancing, etc.<\/p>\n<\/div>\n<div class=\"grid_5\">\n<div class=\"box border-box\">\n<h4>Briefly<\/h4>\n<ul class=\"naked v-spaced\">\n<li>The business proposal is a formal agreement concluded between a company and its creditors.<\/li>\n<li>It protects the company against lawsuits and seizures.<\/li>\n<li>It allows the company to continue its operations.<\/li>\n<li>Under certain conditions, it can terminate commercial leases or contracts.<\/li>\n<\/ul><\/div>\n<div class=\"box light-blue-box\">\n<h4>We Are Here for You<\/h4>\n<p>We will be at your side as a trusted partner to restore the success of your business and allow it to continue its operations. Make an appointment with us for a free of charge, no-obligation initial consultation.<\/p>\n<p><a class=\"button red\" href=\"\/en\/free-consultation\/\">Make an Appointment<\/a> <\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"page-section light-grey\" id=\"business-proposal-articles\">\n<div class=\"container\">\n<div class=\"grid_12\">\n<h3 class=\"text-center\">Related Articles From Our Blog<\/h3>\n<ul class=\"wpbp-recent-posts \"><li class=\"wpbp-recent-post \"><article id=\"post-7612\" class=\"post-7612 post type-post status-publish format-standard has-post-thumbnail hentry category-business-proposal category-commercial-bankruptcy category-frequently-asked-questions tag-wage-earner-protection-program tag-wepp tag-weppa\">\n        <div class=\"post-thumbnail wpbp-recent-post-thumbnail\">\n        <a href=\"https:\/\/pierreroy.com\/en\/2024\/03\/weppa-wage-earner-protection-program-who-is-entitled-to-what\/\">\n                            <img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"180\" src=\"https:\/\/pierreroy.com\/assets\/lpps-programme-de-protection-des-salaries-qui-a-droit-a-quoi-600x180.jpg\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" \/>                    <\/a>\n    <\/div>\n    <div class=\"post-title entry-title\">\n        <a href=\"https:\/\/pierreroy.com\/en\/2024\/03\/weppa-wage-earner-protection-program-who-is-entitled-to-what\/\">Wage Earner Protection Program: Who Is Entitled to What?<\/a>\n    <\/div>\n    <\/article>\n<\/li><li class=\"wpbp-recent-post \"><article id=\"post-7603\" class=\"post-7603 post type-post status-publish format-standard has-post-thumbnail hentry category-budget-tips category-business-proposal category-commercial-bankruptcy category-news tag-business tag-business-proposal tag-commercial-bankruptcy\">\n        <div class=\"post-thumbnail wpbp-recent-post-thumbnail\">\n        <a href=\"https:\/\/pierreroy.com\/en\/2024\/01\/canadian-business-landscape-a-snapshot-of-q4-2023\/\">\n                            <img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"180\" src=\"https:\/\/pierreroy.com\/assets\/Le-paysage-commercial-canadien-apercu-du-quatrieme-trimestre-2023-600x180.jpg\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"businesses\" \/>                    <\/a>\n    <\/div>\n    <div class=\"post-title entry-title\">\n        <a href=\"https:\/\/pierreroy.com\/en\/2024\/01\/canadian-business-landscape-a-snapshot-of-q4-2023\/\">Canadian Business Landscape: A Snapshot of Q4 2023<\/a>\n    <\/div>\n    <\/article>\n<\/li><li class=\"wpbp-recent-post \"><article id=\"post-7584\" class=\"post-7584 post type-post status-publish format-standard has-post-thumbnail hentry category-business-proposal category-commercial-bankruptcy category-news tag-business-proposal tag-commercial-bankruptcy\">\n        <div class=\"post-thumbnail wpbp-recent-post-thumbnail\">\n        <a href=\"https:\/\/pierreroy.com\/en\/2023\/12\/countdown-to-repayment-a-roadmap-for-canadian-businesses-and-the-ceba\/\">\n                            <img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"180\" src=\"https:\/\/pierreroy.com\/assets\/remboursement-cuec-options-600x180.jpg\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" \/>                    <\/a>\n    <\/div>\n    <div class=\"post-title entry-title\">\n        <a href=\"https:\/\/pierreroy.com\/en\/2023\/12\/countdown-to-repayment-a-roadmap-for-canadian-businesses-and-the-ceba\/\">CEBA Repayment: What Are My Options?<\/a>\n    <\/div>\n    <\/article>\n<\/li><\/ul>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Does your company need a second life? The business proposal (Division I Proposal) allows you to make an agreement with your creditors to give a break to your business. This agreement will lower the amount of your debt and\/or extend the repayment term. The goal: to enable your company to continue its operations and to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7447,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-full.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-5216","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Business Proposal: A Second Life for Your Business - Pierre Roy &amp; Associ\u00e9s<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pierreroy.com\/en\/business-proposal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business Proposal: A Second Life for Your Business - Pierre Roy &amp; Associ\u00e9s\" \/>\n<meta property=\"og:description\" content=\"Does your company need a second life? The business proposal (Division I Proposal) allows you to make an agreement with your creditors to give a break to your business. This agreement will lower the amount of your debt and\/or extend the repayment term. 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