Solutions for companies
Our goal is to assist business owners in finding the best solutions with regards to their company’s financial situation.
How can we help with your company
Our goal is to assist business owners in finding the best solutions with regards to their company’s financial situation. A preliminary assessment will allow our team to determine the best course of action by providing solutions and alternatives, and if needed, place the company under the protection of the Bankruptcy and Insolvency Act (BIA).
By doing so, we provide relief to the directors and officers of the company by allowing for an orderly restructuring of the company’s debt load.
Our team of experienced Trustees and Insolvency counsellors is readily available to assist with the analysis and preparation of financial documents, as well as to answer questions and address your concerns.
COVID-19 has, amongst many other things, had a significant impact on small and medium sized businesses. Even some of the best managed companies have succumb to the pressures of this pandemic.
There is no shame in asking for help.
Informal agreements with your creditors
In certain instances, it is possible to reach agreements with your creditors without the need for a formal insolvency proceeding. This is likely when there are not too many creditors or moving parts.
Our team can work with you and your advisors (ex: accountant, lawyer) in exploring alternatives that will satisfy all stakeholders.
Proposal
There are many advantages of restructuring your business through a formal procedure under the Bankruptcy and Insolvency Act, a few examples are:
- Continuity of business operations;
- Consolidation and (often) reduction of amounts owed to creditors, suppliers and sales taxes;
- Reduction of interest rates to 0% for all unsecured creditors, including GST-PST;
- Automatic stay of proceedings against creditors who have legal recourses;
- Possibility to terminate leases or contracts that would otherwise make the restructuring non viable;
- Possibility of filing a Notice of Intention to allow for more time to prepare a viable proposal to your creditors;
- Assistance of an experienced Licensed Insolvency Trustee that, in effect, acts as a mediator between the business, its creditors and other stakeholders;
- In short, allows for the business to maintain its operations during negotiations with its creditors to reduce debt load to an affordable amount.
Bankruptcy
While bankruptcy is often not one’s first choice, sometimes, it may be the only option. In such situations, a bankruptcy will allow:
- To end business operations and closing of the company in an orderly manner;
- Eligible employees to benefit from Wage Earner Protection Program for unpaid wages, vacation pay, termination and/or severance pay;
- For an automatic stay of proceedings effectively ending all legal recourses (past, present and future) against the company;
- For the liquidation of the company’s assets, in an orderly manner, for the benefit of its creditors;
- Assistance of an experienced Trustee throughout the entire process;
- For the disposal by the Trustee of all legal and accounting documents of the company in conformity with the law.
Regardless of the solution, we are committed to providing you with quality service and assistance throughout the entire process.
Please do not hesitate to call on our professionals for assistance.
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