INFORMED FINANCIAL SOLUTIONS
Commercial Bankruptcy
COMMERCIAL BANKRUPTCY PROCEEDINGS IN GATINEAU AND OTTAWA
Any company can at some point face financial difficulties. If despite your best efforts, a turnaround is not enough to restart the business, it might be time to consider bankruptcy proceedings. Bernier & Associates, Licensed Insolvency Trustee, can guide you through a commercial bankruptcy in Gatineau or at one of our other offices in Quebec and Ontario. To review your options, contact us today for a free consultation.
What Is Commercial Bankruptcy, and What’s its Purpose?
Commercial bankruptcy allows a company to cease operations when it is no longer profitable. The process provides 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.
The Commercial Bankruptcy Proces
In order for a commercial bankruptcy in Gatineau or Ottawa to proceed, the company’s board of director must pass a resolution. Assigning the corporation into bankruptcy stops operations and leads to 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:
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the filing process with the Superintendent of Bankruptcy
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the registration of the commercial bankruptcy
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the takeover and inventory of assets
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the orderly sale of assets
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the repayment of creditors and the payment of wages
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the release and closure of the file
Seek Expert Guidance for Commercial Bankruptcy Resolution
If you're facing commercial bankruptcy in Ottawa, you must seek help from seasoned professionals who can guide you through the process and help you find the best possible resolution. Contact us for the expertise and support needed to navigate the complexities of the process, ensuring a comprehensive and optimal resolution for your unique situation. Don't face commercial bankruptcy alone—let us be your trusted partner on the path to a successful resolution. Reach out today to secure the assistance you need and regain control of your financial future.
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The Bernier & Associates team is at your disposal to advise you on the commercial bankruptcy procedure and any other solution in the event of insolvency. Feel free to contact our locations in Pembroke, Petawawa and Val-d'Or, as well as our 12 other branches in Ontario and Quebec.
Top Questions About Commercial Bankruptcy Answered
To help you understand the steps and consequences of a commercial bankruptcy in Gatineau and Ottawa, you can read our answers to frequently asked questions. This information is for guidance only and does not replace legal advice.
āWhen Should a Business Consider Commercial Bankruptcy?
A business should consider commercial bankruptcy when facing insurmountable debt, cannot meet its financial obligations, and has exhausted all other options for restructuring or refinancing.
How Long Does the Bankruptcy Process Take?
The duration varies based on the complexity of the case, the number of creditors and the sale of assets. Typically, the bankruptcy process can last anywhere between a few months to 3 years.
Can I Start a New Business after Commercial Bankruptcy?
Yes, you can start a new business after commercial bankruptcy. However, obtaining credit may be challenging due to your bankruptcy history.
Who Administers the Bankruptcy File?
The Licensed Insolvency Trustee manages the process, notifies creditors, and sells the assets in accordance with the law. The trustee reports to the Office of the Superintendent of Bankruptcy.
What Happens to Tax Debts and Source Deductions?
They are handled under the priority rules set by law and tax authorities.
Can Directors Be Held Personally Liable?
Personal liability may apply in some cases set out in the law, including unremitted source deductions or taxes.
