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,...
Tax lawyers and accountants know well that often times individuals and businesses are required to object, appeal or request relief in order to correct an error made by the Canada Revenue Agency (“CRA”) and/or to reduce interest and penalties which were assessed...
For lawyers who do not practice regularity in bankruptcy and insolvency matters, with the next few email updates we hope to shed light on a few of the interesting provisions in the Bankruptcy and Insolvency Act (“BIA”) that are used quite regularly by the Insolvency...
Bankruptcy can be a good option when you have a serious amount of debt. If you have a limited income, have little to no equity in your assets and are struggling to pay your bills and pay down the debt, bankruptcy may be the best option for you. What are the Benefits...
