Before Filing for Commercial Bankruptcy
Before considering commercial bankruptcy, have you taken the necessary rationalization and restructuring measures for your company’s recovery?
Commercial bankruptcy will put an end to your activities and the company will be removed from Quebec’s registraire des entreprises. If you want to continue carrying out your company’s activities, a business proposal can spare you bankruptcy. While commercial bankruptcy is the last option to consider, in some situations it remains the best one.
Bankruptcy is feasible when a company can no longer meet its financial obligations within deadlines.
What Is Commercial Bankruptcy?
Commercial bankruptcy is a legal process that allows a company to free itself of any debt by liquidating all of its assets and closing its doors. All companies with more than $10,000 in debt are eligible for bankruptcy.
Steps for Filing for Commercial Bankruptcy
- Meet our trustee
- Fill the necessary documents for filing for bankruptcy
The trustee takes care of all the following steps:
- Filing the previously-filled documents
- Registering the bankruptcy
- Taking possession of your property
- Taking inventory of your assets
- Selling your assets
- Administering your file
- Closing your file
- Application for release from court
What Is the Role of Our Trustee?
The role of a trustee lies primarily with liquidating a company’s assets to your creditors. The trustee ensures that all legal requirements related to bankruptcy and insolvency are met. Our trustee will also make recommendations adapted to your situation. Our mandate is to make sure you settle your debts in a way that is most advantageous to your company. We can assist you in resolving your insolvency problems and help you start off again on the right foot.
The Consequences of a Commercial Bankruptcy
Before proceeding, our trustee will make sure to go over with you all the possible consequences that a commercial bankruptcy can have on your personal situation.
In general, a commercial bankruptcy doesn’t impact your personal credit rating, since your company is registered as a separate legal entity. Nevertheless, it’s important to consider the following:
– The Commission de la santé et de la sécurité au travail
– Federal and provincial taxes (GST and QST)
– Unpaid vacations and salaries
The Team at N. Séguin Inc. Can Help You
By selecting the trustee at N.Séguin Inc. to assist you in this step, you can be sure not only that you are abiding by all the legal measures, but that you are benefitting from customized financial advice.
Our Experience in Commercial Bankruptcy
Our trustee has assisted many companies with their bankruptcies. We are well versed in the laws and rules, assuring you that each step of your commercial bankruptcy is properly carried out.
Our experience has also made us sensitive to all the implications of your situation. We understand your stress related to your debts and the worries you are experiencing during the commercial bankruptcy process. Our trustee is there to support you during this difficult time. We are your partners and we will help you regain your balance.
Consult with Our Trustee
Don’t hesitate to contact our trustee to get help and to make the best financial decisions for your business. Our financial counsellors will accompany you throughout the commercial bankruptcy process and will lift a large weight off your shoulders.