MGM Trustee

Licensed Insolvency Trustee

DEBT RELIEF is only a phone call or click away

If you are experiencing financial problems and you have the ability to offer something to your creditors, a proposal may be a good option. There are two types of proposals: a consumer proposal and a Division 1 proposal. MGM Trustee has a team of knowledgeable, experienced and friendly professionals that can help prepare and file a proposal to your creditors.

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Consumer Proposal

  • A formal, legally binding debt settlement with creditors usually to pay a percentage of the amount owed. It can also be for an extension of time.
  • Alternative to filing an assignment in bankruptcy
  • Filed with an adminstrator of consumer proposals (Licensed Insolvency Trustee - LIT)
  • Regulated by the Federal Government
  • Stops wage garnishment and legal action by unsecured creditors
  • Filed by individuals whose debt is $250,000 or less (excluding mortgage on principal residence)
  • Usually debtor retains possession of their assets
  • Terms of proposal cannot exceed 5 years
  • Payments are usually monthly and there is no interest
  • Two financial counseling sessions provided
  • Creditors vote on proposal
  • Majority vote required for acceptance
  • If rejected by creditors, no deemed bankruptcy


For complete information on the consumer proposal process, contact MGM Trustee.

Division 1 Proposal

  • A formal, legally binding arrangement with creditors
  • Administered by a Licensed Insolvency Trustee (LIT)
  • Regulated by the Federal Government
  • Available to businesses and individuals with debt over $250,000
  • Legal action by unsecured creditors is stopped upon filing a Notice of Intention and/or a proposal
  • Secured creditors can be included 
  • Term usually up to five years
  • You usually keep your assets
  • Creditors vote on proposal
  • Rejection by creditors results in a deemed bankruptcy


For complete information on the Division 1 Proposals, contact MGM Trustee.

Explore Your Options

Contact MGM Trustee for a free consultation to help take back control of your finances.

Contact Us
MGM Trustee

Licensed Insolvency Trustee

DEBT RELIEF is only a phone call or click away

Resident Trustee Office - Commerce Tower

15 Dorchester Street, Sydney, NS B1P 5Y9

Hours
Monday - Friday: 8:30 AM - 5:00 PM

Service Area

Appointments available in Glace Bay, North Sydney, Baddeck, and Port Hawskesbury

MacKenzie, Gillis, MacDougall Inc., Licensed Insolvency Trustee operating as MGM Trustee

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