Corporate Bankruptcy

Even the most well intentioned business owners and executives find themselves with no other choice than to consider filing a formal bankruptcy because of circumstances that are beyond their control.

We work with organizations to assess their situation and to determine the best course of action.

Bankruptcy may be the appropriate option in many circumstances.  For example, the filing of a bankruptcy can:


  • protect and preserve a corporation’s interest in valuable property leases
    that may be assignable for profit
  • Stop proceedings commenced by a landlord to distrain against a company’s assets
  • Provide a stay of proceedings against legal actions
  • Provide a legal process for the sale of a business en-bloc or as a going concern in circumstances when a company’s core business has perceived and marketable goodwill

In addition, bankruptcy may well be the desired method to wind up a the operations of a business:

  • brings an end to collection and legal proceedings against a company
  • It provides a formal process for the winding up of a company’s operations and distributing the assets to creditors
  • It allows the company’s creditors to receive an independent accounting by a licensed Trustee of its assets and affairs and provide confidence to the creditors that the shareholders and principals have acted in good faith in the winding up and closure of a business
  • It provides an organized claim process for creditors and
  • It ensures that the employees’ rights are protected and that they receive their legal entitlements for unpaid wages and termination pay under the Wage Earner Protection Program

No problem is too big or even too small. Contacting Albert Gelman Inc. will be your first step towards financial relief.

Related blog posts: 

Key Areas of Action for Businesses to Remain Solvent through COVID-19

Protecting Corporate Directors from CRA Assessments

Did the CRA asses the Director of a Bankrupt Company in Time?

Bankruptcy and Insolvency Act Section 38 – Creditors Taking Matters Into Their Own Hands

Substituting a Bankruptcy Trustee – Creditors May Replace the Trustee of a Bankruptcy Estate