COMMERCIAL BANKRUPTCY

Before filing for commercial bankruptcy

BEFORE CONSIDERING COMMERCIAL BANKRUPTCY, HAVE YOU UNDERTAKEN SUFFICIENT RATIONALIZATION AND RESTRUCTURING MEASURES TO TURN YOUR COMPANY AROUND?

Commercial bankruptcy will put an end to all your activities, and the company will be removed from the Quebec Enterprise Registrar. If you wish to continue your business activities, a proposal may be an effective way to emerge from bankruptcy. Although the commercial bankruptcy is the last option to be considered, in some situations it remains the best decision to make.

Bankruptcy can occur when a company is no longer able to meet its obligations. financial obligations on schedule.

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What is commercial bankruptcy?

Commercial bankruptcy is a legal process that allows you to discharge your debts by liquidating all your assets and closing the business. Any company with more than 1000$ in debts is eligible for bankruptcy.

The stages of commercial bankruptcy

  1. Meet with our managing agent
  2. Filing for bankruptcy
    For the steps that follow, the syndic takes care of everything:
  3. Filing of previously completed documents
  4. Bankruptcy registration
  5. Taking possession of your property
  6. Drawing up an inventory of your assets
  7. Putting your assets up for sale
  8. File administration
  9. Closing the file
  10. Request for court release

What is the role of our trustee?

The role of the trustee is mainly to liquidate the company's assets for the benefit of your customers. creditors. At this stage, the trustee ensures that the requirements of the Bankruptcy and Insolvency Act are met.

Our trustee will also make recommendations tailored to your situation. Our mandate is to ensure that you settle your debts in the most advantageous way for your business.

We can help you solve your insolvency problems, and help you get back on your feet afterwards.

The consequences of commercial bankruptcy

Our trustee will make sure to review with you all the consequences that commercial bankruptcy may have on your personal situation before initiating the process.

Generally speaking, a commercial bankruptcy will have no impact on your own credit file, since your company is registered as a separate legal entity in its own right. However, you should be cautious about the following aspects:

  • Commission de la santé et de la sécurité au travail (Occupational Health and Safety Commission)
  • Federal and provincial taxes (GST and QST)
  • Unpaid wages and vacation pay
The N. Séguin Inc team can help you

By choosing syndic N.Séguin inc. to guide you through the process, you not only ensure that you comply with legislative measures, but you also benefit from personalized financial support and advice.

OUR EXPERIENCE IN COMMERCIAL BANKRUPTCY

Our trustee has assisted several companies in their bankruptcy proceedings. We have a thorough understanding of the laws and regulations governing this process, so you can rest assured that every stage of your commercial bankruptcy will run smoothly.

Our experience has also made us much more aware of the situation you find yourself in. We understand your anguish about your debtsOur trustees are there to support you and ease your worries during this difficult period. Our trustee is there to support you and ease your burden during this difficult period. We're your partners, and we'll help you get back on your feet.

GET A CONSULTATION IN OUR SYNDICATE

Don't hesitate to contact our managing agent for get help and make the best financial decisions for your business. Our financial advisors will guide you through the entire commercial bankruptcy process, taking the pressure off your shoulders.