Commercial bankruptcy:
the last option
Commercial bankruptcy is the ultimate solution to the debt of a company that is no longer financially viable.
In person, by phone or video conference
What is commercial bankruptcy?
When a company’s financial situation is deteriorating and it is no longer sustainable, filing for commercial bankruptcy is the last resort to debt.
This option is considered when a turnaround is not possible and a concordat proposal cannot be considered for financial or personal reasons (e.g. the entrepreneur does not have the desire or ability to complete a restructuring process). This is the legal process by which the trustee will liquidate the assets of the company and distribute the proceeds according to the order provided by the Bankruptcy and Insolvency Act.
As with the business proposalthis debt solution for businesses must be carried out through a licensed insolvency trustee. The trustee will oversee the entire process of liquidating the company’s assets as well as the various requests from creditors, if applicable. The trustee will also gather the necessary documents to initiate the process of filing for bankruptcy.
Once a member of M. Roy & Associés is involved in your case, the creditors of the insolvent company will no longer have the right to contact you. They must address the trustee. In short, you hand over all the company’s assets to the trustee, in exchange for them becoming the “liquidator” of the company and the sole point of contact for creditors. An up-to-date declaration will be produced and filed with the Registrar of Companies.
Whether you own a sole proprietorship or any other type of business, we can help you.
Our Process
As a last resort for debt, commercial bankruptcy can be complex to implement. Get help from M. Roy & Associés to undertake this process.
We establish a clear and structured plan
We take care of commercial bankruptcy
We help you regain financial health
Is commercial bankruptcy right for me?
If your business is no longer able to meet its current financial obligations and restructuring the company to address the issue is not feasible, commercial bankruptcy is often the recommended solution.
While restructuring the company is often desirable, there are cases where this option is not available due to financial reasons or personal reasons related to the entrepreneur. In these specific cases, commercial bankruptcy should be considered.
Here are the profiles of people who most often file for commercial bankruptcy as a solution to their company’s debt with M. Roy & Associés:
- They own a business that is no longer operating or has been subject to seizures for some time;
- They are experiencing personal difficulties that no longer allow them to continue operating the business;
- The company no longer has the necessary financial resources to survive and no viable alternative is available.
To find out if commercial bankruptcy is the solution to your company’s financial problems, don’t hesitate to call -877-123-4567 or fill out the online form here for a free and confidential meeting with a member of our team.
