February 14, 2022
The Office of the Superintendent of Bankruptcy (OSB) published a brief article in the December edition of the OSB News about updates regarding Holding Proposals. On the same subject, the OSB also updated the OSB Temporary Guidance May 8: COVID-19 Message to LITs in January 2022.
The Superintendent reminds all Licensed Insolvency Trustees that holding proposals, which essentially consist of a notice setting out the debtor’s intention to file a proposal, should no longer be used in areas where the courts are fully operational, whether virtually or in-person. In the event that courts are not fully operational, every effort should be made to file a proposal within the prescribed timelines.