GREY:APVNF - Post by User
Post by
9sheetson Dec 30, 2011 8:57pm
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Post# 19361364
It's not over until it's over....
It's not over until it's over.... A Notice of Intention to Make a Proposal (commonly referred to as "NOI") is a procedure under the Bankruptcy and Insolvency Act (“BIA”) that allows financially troubled corporations the opportunity to restructure their affairs. It is often the first stage of a restructuring process under the BIA, which allows a company to restructure its financial affairs, through a formal Proposal. The NOI/Proposal provides an opportunity for a company (also known as a “Debtor”) to avoid Bankruptcy and allows the creditors to receive some form of compensation for amounts owing to them by the company.
The process begins with a company filing a NOI with the Official Receiver (a representative of the Office of the Superintendent of Bankruptcy) and the Courts. Once accepted, the company is granted an initial 30 days of protection (often referred to as the "Stay") from its creditors to enable the company to prepare its Proposal. The Stay against the creditors can be extended upon further application (by the company) to the Court