The court considered a motion by msi Spergel Inc., as Administrator, for approval of Danny Angelatos’s consumer proposal under the Bankruptcy and Insolvency Act.
Canadian Tire Bank opposed, arguing Angelatos was not eligible because his assets exceeded his liabilities and creditors were willing to make arrangements outside the proposal.
The court found Angelatos met the definition of “insolvent person” under the BIA, as he was unable to meet his obligations as they became due, and distinguished the authorities relied on by the Bank.
The court also found the proposal was reasonable and fair to both debtor and creditors, given the family’s circumstances and the creditors’ approval.
The proposal was approved, and costs awarded to the Administrator.
