GREY:IVITF - Post by User
Comment by
Yowza123on Apr 07, 2020 3:20pm
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Post# 30887732
RE:CCAA
RE:CCAAThere is no time limit on creating a "Plan of Arrangement". This excerpt is off the PWC website regarding CCAA arrangements.
"The process begins in the Court system when the company applies to the Court for protection under the CCAA. The Court will issue an Order giving the company 30 days of protection (often referred to as the "Stay") from its creditors to allow for the preparation of the Plan of Arrangement. The Court can extend the Stay against the creditors upon further application to the Court by the company. Typically, the Court will continue the protection beyond the initial 30-day period if the company can demonstrate that it is likely that it will file a Plan of Arrangement and an extension of the Stay is not prejudicial to the creditors, as a whole. There is no time limit on how long the Stay can be extended. During the Stay period, the company will often continue operating, although it may commence restructuring activities at any time" https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html