arrow-linkbulbmarkerpiggyspeech-bubblestatsblog

Business Solutions

Debt Solutions tailored to the Business Owner

What is a Business Restructuring?

Small business owners typically face challenges that are specific to operating a business. You may own a restaurant or a retail store. You may be a consultant or a truck driver. Maybe you have a renovation business.

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.

Your way to financial relief starts here!

We’re here to answer your questions and get you back on track. Schedule your free consultation now!

1.877.241.6018

Covid-19 / Update :

During this pandemic Licensed Insolvency Trustees were listed as an essential service by the provincial government and our company continued to carry on doing business albeit in a different capacity as we did our part to minimize the spread of the Coronavirus. Now that our economy is reopening, we have updated our business operations so that we may continue to serve you in a safe manner. We’ve worked hard to put all the necessary protocols in place to keep you and our team safe.

Our offices are now completely open again for regular business hours. We will however, continue to conduct as many meetings as possible virtually and we will continue to have many of our employees work from home to keep traffic in our offices to a minimum. We also encourage you to call or email the office before stopping in because during this pandemic there have been many changes to allow us to serve you virtually than before.

Read more