First Metals Files a Proposal Under the Bankruptcy and Insolvency Actadmin
First Metals Inc. filed with the Official Receiver a proposal to its creditors pursuant to Part III of the Bankruptcy and Insolvency Act. The proposal has been made to facilitate First Metals’ ability to implement a restructuring plan.
A meeting of creditors to vote on the proposal must be called by the proposal trustee within 21 days. To be accepted the proposal must be approved by a majority in number, and at least two thirds in value, of the voting in each class of creditors.