What is Corporate Bankruptcy?
Corporate bankruptcy is a legal process adopted under the Bankruptcy & Insolvency Act and consequently administered by a licensed insolvency trustee. When a business is unable to meet its financial obligations, applying for commercial bankruptcy will allow you to free yourself from creditors and start a new venture.
Is it Right For You?
To answer this question, you will need to meet with one of our licensed insolvency trustees. Our trustee will oversee the legal process adopted under the Bankruptcy & Insolvency Act (BIA), while also managing the liquidation of your company’s assets for the creditors.
What Happens Next?
Once your company has been fully liquidated, it will cease activity and its charter will be deleted by the Régistre des Entreprises du Québec. If your company wishes to continue its business operations, a business proposal should be considered.
How is my Company Protected When Filing a Corporate Bankruptcy?
These are the immediate effects of a corporate bankruptcy:
1.) The bankruptcy ends all legal actions taken by creditors.
2.) The bankruptcy prevents the further filing of proceedings against the company.
What Role does a Bankruptcy Trustee Play in a Corporate Bankruptcy?
Groupe Serpone will take a deep, meticulous dive into your business and offer realistic, efficient solutions while taking into consideration all possible outcomes. Commercial bankruptcy should be a last resort, therefore, we will consider all other possible options before considering bankruptcy. If a commercial proposal is possible, we will always suggest this option in order to restructure your business.
For more information on business bankruptcy and for a free, first consultation, contact us today!