What does this mean?
When your agreement is drafted, we try and assess the likelihood of your proposal being accepted, however, we can never guarantee a result as it is up to the creditors to accept your proposal.
We can always re-submit your proposal if we feel you are able assess their concerns. However, if the proposed dividend in your proposal was too low (ie it didn’t meet your creditor’s expectations) there is probably no point to resubmitting the proposal as they would most likely reject it again.
If your proposal is rejected you may need your other options which may include:
- An informal arrangement with your creditors (debt management); or
- Bankruptcy
