Corporate Insolvency / Bankruptcy

Corporations commonly run into financial difficulties from unforeseen events. Corporate bankruptcy and restructuring options are possible and is not something that should be entered into without professional guidance.

Albert Gelman Inc. (AGI), in collaboration with Hoyes, Michalos & Associates Inc. (Hoyes), are assisting clients to manage the following:

• Payment demands under the Canada Emergency Business Accounts (CEBA) and Highly Affected Sectors Credit Availability Program (HASCAP) loans;
• Bringing to an end corporate collections by the Canada Revenue Agency (CRA) for HST, corporate tax and other taxes at the corporate level.
• Inactive businesses and sole proprietor/flow through corporations still need to be compliant with CRA for HST and corporate tax filings. Going personally bankrupt or filing a personal consumer proposal will not alleviate your responsibility as a director of a corporation for filing and payment of CRA debts; A corporate bankruptcy filing provides a formal process for discontinuing a company’s filing requirements;
• An organized claim process for creditors if there are corporate assets to distribute;
• To assist former employees to receive their legal entitlements for unpaid wages and termination pay under the Wage Earner Protection Program.

For referrals of this nature, please contact Bryan Gelman directly at 416-504-1650 x 115 or book a call by clicking this LINK.

Related blog posts:

• Inactive Businesses Still Need To Be Compliant With CRA
• Protecting Corporate Directors from CRA Assessments
• Did the CRA asses the Director of a Bankrupt Company in Time?
• My Business Needs Protection from its Creditors and it Needs it Now