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.
For more information on business restructuring, contact us for a free confidential consultation.
