At BNA we truly understand the anxiety, stress and uncertainty that people are feeling due to the COVID-19 pandemic and we want to assure our clients that BNA is doing everything possible to determine the federal government’s position regarding payments that are coming due. You are asking what is BNA doing to help me, and unfortunately without government direction at this point our hands are tied to change the policies.
To that end, we have communicated our concerns with the local Office of the Superintendent of Bankruptcy (OSB) here in Alberta and we have escalated our concerns to their head office in Ottawa as have other Trustees in the industry. In addition, we understand that our professional association, likewise, has been communicating with the Superintendent in Ottawa as this is a national issue. We understand that this matter is receiving priority in Ottawa and although we do not have a formal response, we are anticipating receiving some formal direction shortly.
Rest assured, once we have received some guidance, we shall share this with you, our clients promptly.
In the meantime, and until such time as we have been given formal directions, we must follow the legislation and require payments to be made in order to avoid Proposals going into annulment or bankruptcy’s falling further behind on their terms as well.
If you have a payment coming due, please do your best to make it, or at least a partial payment to avoid annulling. Furthermore, as an alternative, once this settles down, we can look at possibly filing an amendment on your behalf and send this out to your creditors for their consideration or applying to the courts to reinstate your proposal.
If you have a payment coming due, please do your best to make it, or at least a partial payment to avoid annulling. Furthermore, as an alternative, once this settles down, we can look at possibly filing an amendment on your behalf and send this out to your creditors for their consideration or applying to the courts to reinstate your proposal.
