Application of the Omnibus Orders

The Office of the Superintendent of Bankruptcy (OSB) has received several questions concerning the application of the Omnibus Orders to the post , period. Licensed Insolvency Trustees are asking for clarification in regards to the treatment to give to the additional monthly payments missed between , and .

According to the Omnibus Orders, up to an additional three monthly payments can be missed between those dates before a consumer proposal is deemed annulled. Questions 1 and 7 of the Omnibus Application Guidance provides assistance to LITs on how to keep track of the additional monthly payments missed during this period and to calculate when the consumer debtor reaches the threshold at which his/her consumer proposal will be deemed annulled. The additional missed payments are to be made before the end of the proposal period and the various scenarios of whether the threshold is reached are set out in Question 7.