Commercial Bankruptcy
Commercial bankruptcy proceedings in Gatineau and Ottawa
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 Ottawa, Gatineau or in another of our offices. Contact us for personalized advice.
What is commercial bankruptcy, and what is it for?
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.
The bankruptcy process of a company
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:
- the filing process with the Superintendent of Bankruptcy
- the registration of the commercial bankruptcy
- the takeover and inventory of assets
- the auction of property
- the repayment of creditors and the payment of wages
- the release and closure of the file
Contact Us for Commercial Bankruptcy Resolution
If you're facing commercial bankruptcy in Ottawa, you must seek help from experienced professionals who can guide you through the process and help you find the best possible resolution.
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.
