Debt Solutions tailored to the Business Owner
Small business owners typically face challenges that are specific to operating a business. You may own a restaurant or a retail store in Canada. You may be a consultant or a truck driver in Ontario. Maybe you have a renovation business in Ottawa.
Regardless of the type of business you have, incorporated or not, business owners can experience significant financial problems due to a number of business issues:
1. You are behind on your taxes, HST or other amounts owing to Canada Revenue Agency;
2. You used credit cards to fund your business;
3. Some of your suppliers or creditors are threatening legal actions;
4. You are behind on your rent and your landlord is about to take actions;
5. Your business is no longer profitable.
A business restructuring involves taking specific steps to give the business owner protection from creditors and provide the relief and time necessary for the business to recover and become profitable again.
A business restructuring would involve taking some of the following steps:
1. File a proposal to provide protection against creditors;
2. Prepare financial projections and cash flow statements;
3. Renegotiate terms and conditions of operating loans;
4. Settle amounts owing to unsecured creditors and suppliers, including taxes, for a fraction of what is owed;
5. File for bankruptcy.
For more information on business restructuring, contact us for a free confidential consultation in one of our offices in Ottawa or elsewhere in Ontario.
We’re here to answer your questions and get you back on track. Schedule your free consultation now in one of our locations in Ontario!1.877.241.6018