Any company, during its lifetime, may one day experience financial difficulties. It is then appropriate for the entrepreneur to discuss this with his accountant so that actions can be taken. If a turnaround is not enough to restart the business, Bernier & Associates can assist you in your commercial bankruptcy proceedings in Gatineau or in another office.
Commercial bankruptcy allows a company to cease operations when it is no longer profitable. The process allows for the orderly liquidation of assets to repay creditors in the order of priority provided for under the Act. Commercial bankruptcy allows the closure of an inoperative business to avoid the management, accounting and legal fees associated with maintaining reports due under federal or provincial law.
A resolution of the directors must be obtained in order to put a corporation into bankruptcy. The transfer of the corporation will allow the cessation of operations as well as the striking off from the business registers. The sale of assets may be carried out through a block sale, liquidation or auction.
From there, Bernier & Associates takes care of all the procedures for you, including: