February 26, 2021
The Office of the Superintendent of Bankruptcy (OSB) has been made aware of divergent interpretations as to the calculation of the additional missed monthly payments during the March 13, 2020, to December 31, 2020, period (courtordered period) allowed by the Omnibus orders. The OSB is also aware of differences in interpretation relating to the calculation of the threshold for a deemed annulment of a consumer proposal when payments were missed before and during the courtordered period. The OSB is currently updating the detailed guidance and will publish it shortly. The OSB recommends that Licensed Insolvency Trustees use their professional judgment and follow the spirit of the Omnibus orders and the Bankruptcy and Insolvency Act with a view to avoiding negative consequences for consumer proposal debtors while awaiting further guidance.