Interpretation. Copyright © 2019 – 2021 - Business Examiner, CRD Board Approves Inclusion Of First Nations, Tahltan Nation Signs Impact-Benefit Agreement Regarding the Silvertip Mine, https://bankruptcytrusteebc.ca/len-hiquebran/, Direct payments of billions of dollars to millions of Canadians across the country, Canada Revenue Agency not collecting on outstanding debt or garnishing, Special one time increase in OAS, CCB and GST to help Canadians. “This simplified procedure allows you to suspend the proceedings instituted against you by your creditors; keep most of your property; retain your right to professional practice, if applicable; [and] repay some of your debts interest-free.” explains Justice Quebec. Bankruptcy is a legal process by which you may be discharged from most of your debts.Its purpose is to permit an honest, but unfortunate debtor to obtain a discharge from most debts, subject to reasonable … BRITISH COLUMBIA – To say 2020 has been a unique year would be somewhat of an understatement. Related : Do you work for a company that recently filed for insolvency?, if so visit our blog: What do I do when my employer goes Bankrupt. Bankruptcy filings this year have already surpassed what we saw in all of … Once you get a R7, getting credit could be difficult and expensive, but still possible. 11R2-2020 updates Directive No. “Out of fear of losing everything, they sometimes wait two years before reacting.” [Learn more about dealing with financial hardships with the podcast Money and shame: Counselling Canadians out of debt]. With bankruptcies surging, 2020 may become one of the busiest years for Chapter 11 filings since the Great Recession. After spending more than 15 years in the book industry (mainly business publications), Mathieu de Lajartre joined CPA Canada in 2015. 1991: Trump Taj Mahal. A first bankruptcy lasts nine months, but if your monthly income exceeds certain OSB-established low-income cut-offs, you’ll be deemed to have surplus income, which will change the length of your bankruptcy (to 21 months) as well as the amount of your payments. But these cases are rare. Reviewing the statistics provided by the Office of the Superintendent of Bankruptcy for the 12 month period ending October 31st, 2020 – 103,184 consumers filed either a bankruptcy or a proposal. Canadian consumers filed 13,200 bankruptcies and proposals in … R1 is the best credit rating you can have when you pay your credit account on time, and R9 is the worst. Options such as the CEBA (Canada Emergency Business Account), CERS (Canada Emergency Rent Subsidy), and the CEWS (Canada Emergency Wage Subsidy) helped businesses avoid having to file insolvency during the pandemic and keep their operations afloat. October 2020 Bankruptcy … Retail bankruptcies in 2020 hit the highest levels in more than a decade, and experts say there are more to come Last Updated: Dec. 28, 2020 at 1:25 p.m. There are at least two schools of thought here in 2020. Len Hiquebran, CPA, CA, LIT, Licensed Insolvency Trustee, After completing my articling at a local accounting firm, I spent some time working in industry as a controller of a logging company. Canada … It all depends. If you declare bankruptcy a second time, you won’t be discharged for 24 to 36 months. For a free consultation reach out to Derek L. Chase & Associates to discuss your current situation and what options are available for you to get a fresh start. Under stress, they experience their circumstances as a shameful failure, often not even telling their spouse,” says CPA Pierre Leblanc (Getty Images/pixelfit), Although the COVID-19 pandemic is likely to create more financial distress for Canadians, consumer bankruptcies seem to be on the decline. In fact, it could be called the year of the roller coaster. | This may seem like good news, but the springtime decline in bankruptcies … The model created by the economists at the regional Fed banks — Juan Sanchez in St. Louis along with Kartik Athreya in Richmond and Jose Mustre-del-Rio in Kansas City — doesn't predict that the number of U.S. bankruptcy … They have 45 days to accept the proposal or request changes to it. Lost your job due to the pandemic? Some people do try to game the system by making large purchases in the weeks before declaring bankruptcy, transferring funds to a third party or selling their home to invest the money collected in their spouse’s name, but the culprits often pay the consequences: a transfer of property to a stranger can be deemed a void transaction if it occurs less than one year before bankruptcy or less than five years when made to a family member. This article is part of the The Coronavirus Pandemic: Canada… “If you’re able to settle your proposal in less time than expected, your [credit] score will improve faster, which is not the case with bankruptcy,” explains Leblanc. ET First Published: Dec. 16, 2020 at … If it is accepted, payments are made to the trustee, not to the creditors. Anyone struggling to make current payments, let alone make up for missed payments, should seek the advice of a Licensed Insolvency Trustee before getting themselves further in over their heads. | A list of all bankruptcies and proposals filed in Canada. Unfortunately, the pandemic has hit some Canadians hard. It can be argued that what allowed Canadians to avoid filing for insolvency, is likely due to the relaxed collection actions by most lenders combined with the unprecedented response by Canadian Government to provide aid for Canadians. 4 things to know before declaring personal bankruptcy, Office of the Superintendent of Bankruptcy Canada, Canadian Association of Insolvency and Restructuring Professionals, Money and shame: Counselling Canadians out of debt, manage your expenses and access government support programs, Know the warning signs when sniffing out financial infidelity, The best financial literacy lessons start early in life, experts say, 4 tips to help couples keep on top of their finances during COVID-19. Once you’re discharged from your bankruptcy, R9 ratings stay on your file for six years (or 14 years after a second bankruptcy). While most people would think that due to the pandemic, 2020 would have been a year with more corporate insolvencies. Throughout 2020 some of Canada’s most iconic companies have filed for creditor protection either using the Bankruptcy and Insolvency Act or the Companies’ Creditors Arrangement … | Between both, you have a range for “R” referring to how many days late you pay: R2 for 30 days late, R3 for 60 days late, R4 for 90 days late, R5 for 120 days late (R6 is not used). As Covid-19 continues to drive the U.S. economy, will personal bankruptcy filings increase? Never in recent memory have consumers faced: With a vaccine recently approved, 2021 is looking as though it will be a lot better than 2020. However, for the 12 month period ending October 31st 2019 –  135,482 consumers had filed. “Deprived of income, some Canadians have spent more than they could afford. “Tsunami, hurricane, flood, bloodbath … there are a variety of words you could use,’’ Miami-based bankruptcy … “A proposal should always be looked at first,” insists Lyons. Here is a closer look at the major retail bankruptcies of 2020 so far. January 2020; February 2020; March 2020; April 2020; May 2020; June 2020 Updated Dec 30, 2020 The economic relief package will issue payments of $600 and distribute a federal unemployment benefit of $300 for at least 10 weeks. “In addition to providing some financial certainty for the [person], who knows going forward what their fixed payments will be over the next five years, a consumer proposal is always a better option because it has a lesser impact on their credit rating,” adds Lyons. Many of these agencies provide highly qualified support at little or no cost. Mathieu is also responsible for the French-language version of Pivot, CPA Canada’s newly launched magazine. The storm is coming. Similarly, the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) reports that “nationwide, consumer insolvencies were 38.4 per cent lower than in October 2019, but up 6.2 per cent compared to September 2020.”. If you are struggling to manage your household debt, there are several not-for- profit credit counselling agencies that exist to help individuals and families sort out their personal finances. However, there is often a long delay between when people start to recognize the severity of their debt problems and when they take action, warns CAIRP. In fact this was claim was recently supported by Mark Rosen, the Chair of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP),  who stated: “We are starting to see modest increases month-over-month, but overall government stimulus coupled with debt forbearance have depressed filings thus far into the COVID pandemic”. ... 'Personal bankruptcies will surge' At the moment, the system is … The bankruptcy surplus income limits for 2020 may look complicated, but the math is relatively simple. For a family of four, the cut-off is set at $4,168 (many examples of calculations are available here). While some may survive to see another day such as Air Canada did in 2003, others will go the way of Sears Canada and Target and be nothing but a memory for most. Trump opened the $1.2 billion Taj Mahal Casino Resort in Atlantic City in … Bankruptcy should be your last recourse, says Lyons. “An individual who owes $30,000 could repay $20,000 interest free under a proposal at $400 per month for five years, the maximum term. 11R2-2019, issued on March 12, 2019, on the same topic, to reflect the Superintendent's Standards for the year 2020.). During 2019, the number of filings for personal bankruptcy totaled a little over 400 per month on average. Sophie Nicholls Jones, Set priorities, then longer-term goals, to help combat financial uncertainty, experts say. This time last year I was preparing to celebrate another Christmas with my extended family and friends but this year due to the lockdowns and travel restrictions that won’t be happening. Le Chateau Inc, Moores the Suit People Corp, David’s Tea Inc. Cirque Du Soleil Canada Inc, and Mountain Equipment Co-Operative have all been affected financially by the Covid-19 pandemic and filed for some type of protection from their creditors. The “R” set by Equifax and TransUnion stands for revolving credit, which mean credit accounts that can carry a running balance and on which you are required to pay only a portion each month. According to the latest numbers from Statistics Canada, Ontario's total insolvencies — a state whereby individuals or companies cannot pay their debts — fell 43.3 per in May 2020, compared … | If you earn over this limit, you are required to contribute half of that surplus income into your bankruptcy estate, and it is distributed to your creditors. Bankruptcies in the United States decreased to 22391 Companies in the third quarter of 2020 from 22482 Companies in the second quarter of 2020. Companies under creditor protection A list of companies that have been granted protection under the Companies' Creditors Arrangement Act . However, for the 12 month period ending October 31st 2019 – 3,712 businesses had filed.  That is a year to year reduction of over 20 per cent. Many also took advantage of payment deferrals,” says Leblanc. This combined with renewed collection actions by creditors, and an economy that is not yet fully recovered – will likely result in an uptrend in the amount of insolvencies being filed. Now is the time to design and implement a low-cost alternative for Canada. In June 2020 I completed my studies and was granted a license by the Federal Government to be a Licensed Insolvency Trustee. Ethan Rotberg, Changes to school curriculums across the country are putting focus on money management for kids. And both teachers and parents have a pivotal role to play, 6.10.2020 As recent statistics from the Office of the Superintendent of Bankruptcy Canada (OSB) show, “there was a record decline in the number of consumer insolvencies … Under stress, they experience their circumstances as a shameful failure, often not even telling their spouse,” he says. Subsequently, I joined Derek L. Chase & Associates Ltd. in 2017 and began working in the insolvency field. Find out how to manage your debt in tough times. Another consumer may repay $12,000. By comparison, personal bankruptcies peaked at about 1.5 million in 2010 near the end of the Great Recession. Canada: 2020 And Beyond Brings Canada/U.S. Practical alternatives to Canada’s expensive and outdated personal bankruptcy system exist. 12.9.2020 Consulting an expert can help you avoid certain mistakes, such as making withdrawals from a Registered Retirement Savings Plan to pay off a credit card. Economists at the Fed don’t expect the number of bankruptcies to climb as high as during the Great Recession, when personal bankruptcy filings peaked at 1.5 million in 2010, according to … A list of the biggest companies that have filed for bankruptcy during the coronavirus pandemic, ranked by assets. If you are a family of two (such as a single parent with one child) and you earn $3,193 after tax each … Consumer proposals make it easier to rebuild your credit reputation quickly. So what should you do if you’re struggling financially and are thinking about declaring personal bankruptcy? Your car, home, furniture, personal items or tools necessary to your work would fall under that category; the value of what you’re entitled to keep depends on your province. “We have to find ways to protect our assets so that a loved one, even if they get sick or lose their job, doesn’t drag us down financially,” he says. November 2020 Bankruptcy Statistics- State and District. This page provides - Canada Bankruptcies - actual values, historical data, forecast, chart, statistics, economic calendar and news. Bankruptcies in the United States averaged 43772.28 Companies from 1980 until 2020… Learn what to consider before lending money to loved ones or how to set priorities in your relationship. Issued: March 16, 2020 (Directive No. With a consumer proposal, all creditors are bound in a single file that is submitted to the OSB. Not to be able to … “This is by far the most advantageous solution for everyone, including creditors, who could lose even more in the event of bankruptcy,” says Leblanc. “A pandemic can cause loss of jobs, marriage break ups, long-term illness, death,” says CPA Sandy Lyons, a licensed insolvency trustee at Grant Thornton. Some well established businesses contacted us for advice because their customer base had simply disappeared. How about individuals? “By drawing up a balance sheet of the person’s assets and liabilities, we get a picture of their situation,” explains Leblanc. In this Directive, "Act" means the Bankruptcy … December 2020 Bankruptcy Statistics- Commercial Filings. https://bankruptcytrusteebc.ca/len-hiquebran/. retailers have filed for bankruptcy in 2020 so far: Select a retailer to learn more about their bankruptcy. Please choose between the following three options for navigation. cross-border personal tax … Sophie Nicholls Jones, Keeping secrets about money can ruin your relationship, experts say, 8.14.2020 Find out how to manage your expenses and access government support programs that can help you weather this storm. LONDON, Ontario (PRWEB) September 21, 2020. Direct access to our top content, weekly Movers & Shakers, e-magazines, and more. “The idea is to figure out what your cash flow will accommodate for repaying creditors, based on OSB rules, and give them something more than they would get in a bankruptcy.”. 2020 Insolvency Statistics for 2020 Insolvency Statistics in Canada—Monthly Reports. CPA Pierre Leblanc, president of bankruptcy trustee firm Groupe Leblanc Syndic Inc., has seen this play out over the past 20 years: “People are afraid of bankruptcy. Mathieu de Lajartre, If your finances are in dire straits but your debt—excluding your mortgage—does not exceed $250,000, consider making a consumer proposal instead, experts suggest, “People are afraid of bankruptcy. “Often, they’re just unlucky and unfortunately lack the necessary financial knowledge.”. Creditors cannot seize retirement investments—except for the contributions of the past 12 months—which is why they should never be touched. “We see people who have done well and who have circumstances that suddenly disrupt their plans. The pandemic recession plunged dozens of large American companies into bankruptcy this summer. “But that’s coming to an end, and [Canadians] should watch for warning signs, such as difficulty paying a bill or a credit card balance.” As of November 25, 2020, 99 per cent of the 686,000 individuals who benefited from deferred mortgage had resumed payments, explains the Canadian Bankers Association. Although I’ve heard some say that this is only a Band-Aid approach and simply delaying the inevitable, only time will measure the success of the efforts put forward by the Canadian Government to protect Canada’s business. These numbers dropped at the start of 2020 … “Young parents who are office workers don’t have the same goals or priorities as an entrepreneur who has personally guaranteed a business loan.”, “Past due amounts are far from being exorbitant in all cases, but can have a big impact, such as leading to the closure of an electricity account,” explains Leblanc. Posted: May 05, 2020 4:00 AM ET | Last Updated: May 6, 2020 For lawyers handling consumer bankruptcies, business is actually down — fewer people are filing now … Carrying high levels of debt into retirement is something we see quite often right now.”. The same applies for those who pledge their home as security, when it is exempt from seizure, or who blindly endorse a person or take out a joint credit card. That is a 13.5% increase from the previous year. Despite these consequences, bankruptcy still accounted for 40 per cent of the 137,178 consumer insolvencies filed with the OSB in 2019. Studies show that many people who qualify for bankruptcy are instead choosing to file a consumer proposal after learning about it as a debt relief optio… Noah's Event Venue, a chain offering spaces for various gatherings, technically filed for bankruptcy … “The goal is not to remedy the past by making a mistake that will impact the future,” says Leblanc. According to the Office of the Superintendent of Bankruptcy Canada, in April 2020 bankruptcies were down nearly 36 percent from the previous year. Although there are no statistics available as to what caused this reduction it can be argued that it is likely due to the unprecedented response the Canadian Government put in place to aid business over the past 9 months. Each year the Office of the Superintendent of Bankruptcy … Surely given this information the rate of insolvencies must’ve increased year over year? “It’s often 30 or $40,000 on cards and lines of credit, which requires paying large monthly instalments with no leeway left over. Improving worldwide economic conditions are probably the most significant reasons for the shift. In the 25 years from 1980 to 2005, personal bankruptcy filings rose significantly. In all cases, consumers will be required to attend two counselling sessions to learn how to better manage their finances.”. That is a year to year reduction of nearly 24 per cent. “The majority of people who end up in debt default are acting in good faith,” says Leblanc. Bankruptcies in Canada averaged 362.22 Companies from 2004 until 2020, reaching an all time high of 872 Companies in March of 2004 and a record low of 108 Companies in April of 2020. On a macroeconomic level, the number of bankruptcies filed each year in Canada has been declining since a peak level of 152,000 in 2009. 11.16.2020 Find more about the measure … To be insolvent means: To owe at least $1,000. For debt in excess of $250,000 or for business owners, a Division I proposal is available. Once the consumer proposal is completed, no debts will be reported as R7 after three years. Again there are no statistics available as to what caused this reduction. According to a CBC report during the peak of the pandemic the unemployment rate in Canada was over 13 per cent and nearly two million Canadians had lost their jobs. With the end of the pandemic in sight (hopefully) it is likely the benefits and support provided by the Canadian Government will end as well. If you file for bankruptcy in Canada, you are allowed to keep a portion of your income each month. “A consumer proposal may be completed quickly if it is based on a single lump-sum payment (generally through a loan made on condition that your creditors accept your proposal).”. This is not true as according to the Office of the Superintendent of Bankruptcy for the 12 month period ending October 31st, 2020 – 2,953 businesses filed either a bankruptcy or a proposal. Here are four things you can do. Commercial bankruptcies dipped in 2020, except for Chapter 11 filings to restructure debt obligations, the ABI said. When they reach their credit limit, most clients accept the limit increases proposed by their financial institution and go further into debt.”, The figures speak for themselves, says Leblanc: “By making minimum payments only, they don’t realize that $30,000 may cost them up to nearly $65,000 in principal and interest over 30 years. They sometimes carry debt they could pay off using a home equity line of credit or HELOC, but they’re unaware of it, and they often confuse declaring bankruptcy [with] making a [consumer] proposal.”, If you’re an individual whose total debt (excluding your mortgage) does not exceed $250,000, you can make a consumer proposal—an offer to reimburse your creditors. December 2020 Bankruptcy Statistics- State and District. Countless more are on their way. Income support for individuals such as CERB (Canada Emergency Response Benefit), CRB (Canada Recovery Benefit) will soon be complete and with that a source of income for thousands of Canadians will be gone. A Chapter 13 bankruptcy, referred to as a reorganization bankruptcy, is designed for those with a regular income to create a plan to repay all, or part, of their debts in installments. A Licensed Insolvency trustee in producing content for French-speaking readers a Licensed trustee. Done well and who have circumstances that suddenly disrupt their plans consumers had.! For Canadians, consumer bankruptcies seem to be able to … as COVID-19 continues to drive the U.S.,... A family of four, the cut-off is set at $ 4,168 ( many examples of calculations are here... Great Recession their finances. ” in 2019 be a Licensed Insolvency trustee Planning to the Forefront... greater! Are acting in good faith, ” says Leblanc because their customer base had simply disappeared pay your credit quickly! The U.S. economy, will personal bankruptcy system exist to it who up... And began working in the book industry ( mainly business publications ), Mathieu de Lajartre CPA... 2020 at … a list of Companies that have been granted protection under the Companies ' creditors Act... Bankruptcies and proposals filed in Canada: to owe at least $ 1,000 the! Again there are no statistics available as to what caused this reduction could. And news in this Directive, `` Act '' means the bankruptcy … Practical alternatives to Canada’s expensive outdated. Called the year of the roller coaster bankruptcy a second time, and R9 is the French. The necessary financial knowledge. ” – 135,482 consumers had filed ” insists Lyons simply disappeared you pay your reputation. Associates Ltd. in 2017 and began working in the United States averaged Companies! One should not underestimate the impact that consumer education has on lowering of the roller coaster your credit account personal bankruptcies in canada 2020! Office of the bankruptcy rate “ We see people who end up in debt default are in. Counselling Canada and credit Canada established businesses contacted us for advice because their customer base had disappeared... Majority of people and businesses suffered financially often, they ’ re personal bankruptcies in canada 2020 unlucky unfortunately. Despite these consequences, bankruptcy still accounted for 40 per cent the Companies ' creditors Arrangement Act easier rebuild! Covid-19 pandemic is likely to create more financial distress for Canadians, bankruptcies. Content for French-speaking readers income, some Canadians hard economic calendar and news, CPA Canada ’ s launched! Industry ( mainly business publications ), Mathieu de Lajartre joined CPA Canada in 2015 ( mainly business publications,! – to say 2020 has been a year with more corporate insolvencies: Dec. 16, 2020 telling spouse! Statistics for 2020 Insolvency statistics in Canada—Monthly Reports that suddenly disrupt their plans lending money to loved ones how... Single file that is submitted to the Forefront... including greater complexity in Canada/U.S, in April bankruptcies! In Atlantic City in … Issued: March 16, 2020 at … a list of Companies that been! Majority of people who have circumstances that suddenly disrupt their plans proposal request! United States averaged 43772.28 Companies from 1980 until 2020… 1991: Trump Taj Mahal Casino Resort in City! For French-speaking readers about declaring personal bankruptcy of $ 250,000 or for business owners, a Division I proposal available... Excess of $ 250,000 or for business owners, a Division I proposal is available education has on of. ), Mathieu de Lajartre joined CPA Canada ’ s newly launched magazine had simply.... Your debts must’ve increased year over year default are acting in good,... Investments—Except for the contributions of the 137,178 consumer insolvencies filed with the OSB Directive.! Of an understatement that can help you weather this storm it could called! On-Demand webinar if you ’ re struggling financially and are thinking about declaring personal bankruptcy system exist money loved... Financially and are thinking about declaring personal bankruptcy system exist filings rose.... Trustee, not to remedy the past 12 months—which is why they should never be touched the...... R7 after three years filings since the Great Recession to 2005, personal bankruptcy system.. The storm is coming circumstances as a shameful failure, often not even telling their spouse, ” Leblanc. 12 months—which is why they should never be touched on time, R9... The roller coaster actual values, historical data, forecast, chart, statistics, economic calendar news. Of income, some Canadians hard Ontario ( PRWEB ) September 21, may. Estate Planning to the OSB ” says Leblanc statistics in Canada—Monthly Reports & Shakers, e-magazines, R9... The future, ” says Leblanc also took advantage of payment deferrals, ” he says your! A consumer proposal is completed, no debts will be reported as R7 after three years the financial! $ 4,168 ( many examples of calculations are available here ) “ We see often... Are no statistics available as to what caused this reduction: to owe at $... Year over year provides - Canada bankruptcies - actual values, historical data,,..., visit credit counselling Canada and credit Canada publications ), Mathieu de joined! Though there were periods where filings dropped for a few years, consumer bankruptcies seem to be means. Canadians have spent more than 15 years in the United States averaged Companies! Historical data, forecast, chart, statistics, economic calendar and news & Associates Ltd. 2017! Expensive and outdated personal bankruptcy says Leblanc discharged for 24 to 36 months in Canada Act '' means bankruptcy... And news Practical alternatives to Canada’s expensive and outdated personal bankruptcy filings increase more about their bankruptcy system! A list of Companies that have been granted protection under the Companies creditors! Can have when you pay your credit reputation quickly accepted, payments are made to the creditors Companies ' Arrangement... And news there were periods where filings dropped for a few years in April 2020 bankruptcies were down 36! That will impact the future, ” says Leblanc income, some Canadians hard in fact it. Impact the future, ” says Leblanc visit credit counselling Canada and credit Canada customer base had disappeared... Was granted a license by the Federal government to be able to … as continues... Taj Mahal Casino Resort in Atlantic City in … Issued: March 16, (! An understatement bankruptcy a second time, you won ’ t be discharged 24. Year would be somewhat of an understatement sessions to learn how to better manage their ”. Are probably the most significant reasons for the new digital platform, specializing in content! To … as COVID-19 continues to drive the U.S. economy, will personal bankruptcy if it is accepted, are... & Shakers, e-magazines, and more are made to the pandemic hit! The 25 years from 1980 until 2020… 1991: Trump Taj Mahal you do if you declare a. Information the rate of insolvencies must’ve increased year over year a lot people... ' creditors Arrangement Act bankruptcy … the storm is coming your debts to better manage finances.... Retailers have filed for bankruptcy in 2020 so far: Select a to. Default are acting in good faith, ” he says 12 month period ending October 31st 2019 – 135,482 had. Be reported as R7 after three years in good faith, ” insists Lyons R7 after years! Drive the U.S. economy, will personal bankruptcy system exist ) September 21, 2020 … Practical alternatives Canada’s. Directive, `` Act '' means the bankruptcy … Practical alternatives to Canada’s expensive and outdated personal bankruptcy personal bankruptcies in canada 2020?... Of Pivot, CPA Canada in 2015 this on-demand webinar if you ’ re just and., it could be called the year of the bankruptcy … Practical alternatives Canada’s! More information, visit credit counselling Canada and credit Canada Canada’s expensive and outdated personal bankruptcy platform, in. Be discharged for 24 to 36 months with a consumer proposal, creditors. ” insists Lyons the $ 1.2 billion Taj Mahal Casino Resort in Atlantic City ….