Course Content
Lesson 2 – Consumer Proposal & Bankruptcy
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Consumer Proposal & Bankruptcy
SECTION 1 – WHY CONSULTANTS MUST UNDERSTAND INSOLVENCY
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Lesson 2
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Why This Knowledge Matters
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Consultant Role Reminder
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Accuracy Over Optimism
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Learning Outcomes
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Ground Rules for This Lesson
SECTION 2 – CONSUMER PROPOSALS
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What Is a Consumer Proposal
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Purpose of a Consumer Proposal
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Who Might Consider a Consumer Proposal
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Insolvency Explained (Proposal Context)
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Debts Typically Included
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Debts Not Automatically Included
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Filing a Consumer Proposal
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The Stay of Proceedings
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Creditor Notification Timeline
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Creditor Voting Explained
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What Happens If Creditors Object
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Limits on Amendments
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Why Consumer Proposals Fail
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Consequences of Proposal Failure
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Consumer Proposal Reflection
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Consumer Proposal Section Summary
SECTION 3 – BANKRUPTCY
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What Is Bankruptcy
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Purpose of Bankruptcy
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When Bankruptcy May Be Considered
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Duties of the Bankrupt
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Surplus Income (High Level)
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Duration and Discharge
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Assets in Bankruptcy
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Importance of Full Disclosure
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Consequences of Non-Disclosure
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Bankruptcy Section Summary
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Bankruptcy Reflection
SECTION 4 – COMPARING CONSUMER PROPOSAL & BANKRUPTCY
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Comparison Overview
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Structural Differences
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Consultant’s Role in Comparison
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Risk of Incorrect Framing
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Scenario Exercise
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Comparison Section Summary
SECTION 5 – ESCALATION & CONSOLIDATION
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When to Refer to an LIT
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Avoiding Guarantees
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Lesson 2 Summary
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Knowledge Check Instructions
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Transition to Lesson 3
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