This package allows you to reach an agreement with your creditors. The objective of this agreement is to allow your company to continue its activities by extending the repayment period and readjusting the amount according to your company's ability to meet its obligations.
All stakeholders stand to gain from this agreement:
You: Allows you to keep your business, continue operations and get out of debt
Your creditors: They collect more money than they would have if you had opted for commercial bankruptcy instead.
The steps:
1. Consultation with a trustee
2. Filing the notice of intent
3. Filing the composition proposal
4. Suspension of garnishment, legal proceedings and payments to creditors
5. Presentation of the proposal to the creditors
6. The creditors' meeting
7. Approval of the composition proposal
8. Repayment of the amounts agreed in the proposal