Bankruptcy and Insolvency Act

Marginal note:Time for determining claims

• 66.28 (1) The time with respect to which the claims of creditors shall be determined is the time of the filing of the consumer proposal.

• Marginal note:On whom approval binding

  (2) Subject to subsection (2.1), a consumer proposal accepted, or deemed accepted, by the creditors and approved, or deemed approved, by the court is binding on creditors in respect of

  • (a) all unsecured claims; and

  • (b) secured claims for which proofs of claim have been filed in the manner provided for in sections 124 to 134.

• Marginal note:When consumer debtor is released from debt

  (2.1) A consumer proposal accepted, or deemed accepted, by the creditors and approved, or deemed approved, by the court does not release the consumer debtor from any particular debt or liability referred to in subsection 178(1) unless the consumer proposal explicitly provides for the compromise of that debt or liability and the creditor in relation to that debt or liability voted for the acceptance of the consumer proposal.

• Marginal note:Certain persons not released

  (3) The acceptance of a consumer proposal by a creditor does not release any person who would not be released under this Act by the discharge of the consumer debtor.