There are several options for businesses in financial difficulty and the right one will depend on many factors unique to your business. It is difficult to to provide a complete and precise plan without considering issues specific to your business. The following material is intended to provide an overview of the alternatives available to businesses and companies experiencing financial difficulty and also addresses issues affecting guarantors and directors.
We would be pleased to assist you in choosing the best option for your business. Please do not hesitate to contact us (1-888-455-6060) for a free consultation to discuss the issues facing you and your business.
The following checklist is intended to help you gather the basic information for your business that we would like to review with you at the consultation, to ensure we give you the appropriate advice.
- The most recent internally-prepared financial statements, including a balance sheet and year-to-date income statement.
- Most recent year-end financial statement.
- Aged accounts receivable listing.
- Accounts payable listing showing name, address, account numbers and amount owing.
- Amount owing for source deductions, HST/GST and provincial sales tax.
- Any notices or demands received from secured creditors.
- Details of any other legal proceedings undertaken by creditors.
- The most recent income tax return.
In the following circumstances, it will be necessary to take action very quickly in order to preserve your rights:
- A demand for repayment has been made by a secured creditor.
- You have received a notice under section 244 of the Bankruptcy and Insolvency Act.
- You have been served with a Petition for a Receiving Order.
- A judgment has been issued and the Sheriff is likely to seize business assets.
- A creditor is threatening to seize business assets.
In these circumstances, you should contact us immediately (1-888-455-6060) in order to ensure that all of your options remain available.
There may be other situations that require immediate action. If you are concerned, please do not hesitate to contact us to discuss your specific situation.