Business Debt

The path of entrepreneurship is filled with unexpected twists and turns. Sometimes, these can lead to financial difficulties that require drastic measures such as filing bankruptcy. For those who hold the position of a director in an incorporated company, this process can be even more complex. Understanding Bankruptcy Before diving into the specifics, it’s crucial … Read more

If My Company Goes Bankrupt, Does It Impact My Personal Life? Introduction The question, “Does my company’s bankruptcy affect me personally?” is one that haunts many entrepreneurs and business owners. This complex issue draws together threads from corporate law, personal finance, and business strategy. This comprehensive guide aims to demystify the impact of corporate bankruptcy … Read more

When a business finds itself in dire straits, resorting to bankruptcy might seem like the only option. However, a Corporate Proposal can provide a viable alternative, salvaging the business while ensuring creditor rights are protected. Let’s dive deep into this lifesaver for businesses, its benefits, and how it works. What is a Corporate Proposal? A … Read more

An In-Depth Look at CCAA Protection As a company navigating the choppy waters of insolvency, it’s critical to understand the lifeline that the Canadian Companies’ Creditors Arrangement Act (CCAA) can provide. This legislation is a powerful tool that can provide CCAA Protection to financially-struggling businesses, allowing them the opportunity to restructure their affairs and avoid … Read more

Understanding Business Debt Responsibility: Am I Accountable? A pressing question often asked by business owners is, “Am I Responsible For the Debt of My Business?” The answer to this question, however, is not straightforward and varies depending on the structure of your business, the type of debts incurred, and your role in the company. Types … Read more

The tax deadline for sole proprietors and businesses, can be a difficult day. For some businesses, it just means the inconvenience of filling out more forms, but for others, it may mean an increase in business tax debt that you cannot afford to pay. If you are unable to pay the tax that you owe, … Read more

How to Keep a Small Business Afloat While in Debt Businesses of all sizes can be faced with debt at different times, and small businesses are no exception. In times of economic trouble, it’s the small businesses that are usually hit the hardest. With fewer investors and more difficulty raising capital, it’s easy to see … Read more

Filing Bankruptcy For Small Business Debt Do you own a small business in Canada? If so, you may be experiencing some troubling times. Perhaps you took out some loans to finance your business, but you’re unable to pay them back. You’ve sat down with an accountant and figured out that you’re heavily in debt. You … Read more

Businesses fail for a variety of reasons. When this occurs, it’s important to be aware that it impacts more than just the owners and the shareholders in the business. It also affects the employees in a variety of ways. If a business files for bankruptcy, then it is unlikely that those who are retired or … Read more

Dealing with Business Debts When Self-Employed As the digital revolution continues to change the way we operate, an increasing number of people are choosing to work on a self-employed basis. With more than 2.9 million people registered as self-employed in Canada, at least 15% of the national workforce are running their own businesses or making … Read more

Small Business Bankruptcy: Is It The Best Choice For My Business? It’s no secret that times are tough for a lot of businesses, and many small companies are having to close their doors all the time. Whether this is thanks to poor decision making, low footfall, or high overheads, it can be a challenge to … Read more

Small Business Owners: Bankruptcy Issues to Consider In 2018, 0.7 businesses in every 1,000 in Canada went into bankruptcy, and a further 0.2 in every 1,000 businesses filed a proposal. With around 1.8 million businesses in Canada, that’s about 1,600 insolvent businesses per year. Small business owners often find themselves struggling under the weight of … Read more

Using CCAA to save a business The CCAA is the Companies’ Creditors Arrangement Act which is a federal law that governs insolvent businesses that have debts in excess of $5 million. When a corporation restructures their business under the CCAA they will receive short term protection from their creditors to give the business a chance … Read more

How to Save an Insolvent Company Save an insolvent company: Jack Taylor was driving into town early one morning to keep an appointment he and his CPA, Marjorie Soo, had with the Licensed Insolvency Trustee. He dreaded the meeting. The last six months had been the worst in his working life. Not only was his business on … Read more

Biggest Canadian Corporate Bankruptcies. This website concentrates on personal insolvency. Many Canadian are wracked with guilt for filing bankruptcy. Trustees take a pragmatic, non judgemental view of ways for people to get a fresh start. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation … Read more