Insolvency & Business Closure
When closure is necessary, proper planning minimizes damage and protects you personally.
Bankruptcy is the most severe remedy and, in most cases, the last option to consider. However, sometimes bankruptcy is the most practical alternative. It is a very technical process that can favor the creditors, and without proper representation and support, it can be an exceedingly difficult process for the business owner(s).
With careful planning, it can resolve the financial crisis of the company and minimize personal liabilities resulting.
Bankruptcy
A formal process under the Bankruptcy and Insolvency Act. While severe, it can be the most practical path when other options have been exhausted. With expert guidance, the process can be managed to protect the interests of the business owner(s) as much as possible.
Orderly Shutdown of Business
In certain cases, there may be no other option than to shut down the business. There may not be enough assets or resources to make it worthwhile for the owner to file a formal proposal or assignment into bankruptcy. Any orderly shutdown must be planned and executed properly. A properly planned orderly shutdown can in many cases minimize the financial damage to and personal stress of the owner(s).
Why Expert Guidance Matters
The insolvency process is highly technical and can favor creditors over business owners. Without proper representation and support, you may face:
- Unnecessary personal liability for corporate debts
- Directors' liability for unpaid employee wages and source deductions
- Unfavorable terms imposed by the trustee or creditors
- Missed opportunities to preserve valuable assets or relationships
Dynamic Online Assessment
Complete the assessment form to receive a corporate summary review covering key financial and legal aspects.