Licensed Insolvency Trustees
Licensed Insolvency Trustees
Amicable settlement
This is an agreement negotiated between the parties involved with the aim of finding common ground acceptable to all. You will negotiate this agreement yourself by contacting each of your creditors. This solution does not apply to everyone because it is sometimes difficult to reach an agreement with each of our creditors when we have several.
Frequently asked question
What are the differences between an amicable settlement with creditors and an agreement with creditors?
The main difference lies in the negotiation process. In an amicable settlement, the parties try to reach an agreement by negotiating directly with each other, without going through formal legal procedures. This generally speeds up the process and reduces the costs associated with litigation. On the other hand, an agreement with creditors may result from a formal legal procedure, such as bankruptcy or a consumer proposal, where a licensed insolvency trustee intervenes to represent the indebted individual or company.
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