The Bankruptcy and Insolvency Act (Canada) (“Act”) at subsection 14 allows the creditor(s) of a bankrupt estate, whether it be in respect of a bankrupt individual or corporation, to substitute the Trustee chosen by the bankrupt for a Trustee of their choosing. This...
Some businesses reach a point in their life cycle when they are saddled with debt and there simply is not enough cash to go around. Some of these businesses are able to generate enough cash to work with their creditors to get through the cash crunch. Unfortunately,...
Some businesses reach a point in their life cycle when they are saddled with debt and there simply isn’t enough cash to go around. Some of these businesses are able to generate enough cash to work with their creditors to get through the cash crunch. Unfortunately,...
Licensed Insolvency Trustees have a wealth of experience and expertise in helping business owners get through turbulent times. As professional advisors, we must leverage that experience and expertise to assist businesses negatively affected by COVID-19. Our goals...
Many accountants and lawyers encounter clients who, despite their best efforts to make a business thrive and be successful, take on too much debt and must consider insolvency proceedings. At times the biggest challenge when facing these scenarios is determining the...
Over the course of the next decade one of the largest wealth transfers in Canadian history will take place as Baby Boomers pass down their wealth to their children and grandchildren. You will likely have some friends and family who will benefit from this wealth...
Nobody want to declare bankruptcy, aside from the toll it will take in an individual's credit score the mental impact can be staggering to anybody. That said, and given the impact that bankruptcy can have on people, this week's blog offers up some helpful tips that...
I recently took a ride in an Uber car and had a very interesting conversation with my driver that highlighted a precarious problem for Canadians: being self-employed and planning for end of year income taxes is not always easy for people to do. Within one month I...
An avoidable mistake Even when a business is completely inactive, and not generating any income, the owners should still file the required returns with the Canada Revenue Agency (CRA) to avoid issues, including potential penalties that can arrive years down the road....
Self-employed lawyers, doctors, dentists and other professionals can benefit from consulting a Restructuring Professional such as a Trustee in Bankruptcy! Self-employed individuals find themselves in financial trouble for many different reasons. Slopes in the economy,...
