Normally, the duration of a notice of intention is thirty (30) days, starting from when it is filed by the trustee.
In some cases, the court may grant additional time periods of forty-five (45) days each, up to a combined maximum of five months. To be granted additional time, the company must show that it is acting in good faith and that these extended periods will not cause harm to the creditors.
The company, through its LIT, must file a proposal before the notice of intention expires.
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