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.

Our trustee has assisted many companies through the bankruptcy process. 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.

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

elementor
Play Video
Mature financial advisor having meeting with her clients in the office.

You're not alone

The trustee's main role is to liquidate the company's assets for the benefit of your 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.

 

After meeting with our trustee and filing for bankruptcy, we take care of everything.

Commercial bankruptcy in 10 steps

Bankruptcy is not the only option

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:

Company bankruptcy

The ultimate debt-relief solution!

Need more information on commercial bankruptcy?

Leave us your contact details and we'll get back to you as soon as possible. Don't put off this opportunity to take control of your financial future.

Reserve your place now by filling in the form below:

Other solutions are available

Free yourself from your debts with our licensed insolvency trustees, experts in financial restructuring, and regain serenity and stability.

with solutions tailored to your situation

Extend the repayment period and adjust the amount according to your company's capacities

 

Write down the strategy you'll use to enhance the value of your business

 

There are many options to help you manage your debt

FAQ

Got questions? We've got answers.

Debt consolidation allows you to consolidate your debts. It's not uncommon for people to opt for debt consolidation and still live with the stress of debt. This solution can be effective insofar as a person is able to repay 100 % of his debts with interest.

 

The consumer proposalThe syndic has the power to negotiate a reduction or extension of your payments with your creditors, depending on your ability to pay. By opting for the consumer proposal, you make just one payment per month, interest-free.

The main difference lies in the way debts are repaid and the consequences that follow. In a consumer proposal, you propose a repayment plan to your creditors, while in a personal bankruptcy, your assets may be liquidated to repay your debts. A consumer proposal often allows you to keep certain assets and avoid a forced sale. What's more, a personal bankruptcy may have a greater impact on your credit rating.

A consumer proposal is a legal solution offered to overindebted people to negotiate with their creditors and eliminate part of their debts. It works by allowing you to make an offer to your creditors to repay part of your debts over a given period.

 

Debt consolidation enables you to consolidate your debts by borrowing the total amount due from a financial institution. You then use the amount borrowed to pay off your debts. You then make a single monthly payment to the financial institution that lent you the total amount of your debts. Debt consolidation does not reduce the amount of your debts.

 

If the proposal is accepted by a majority of your creditors, you will be able to repay your debts according to the agreed terms, while avoiding personal bankruptcy.

Debt consolidation allows you to consolidate your debts. It's not uncommon for people to opt for debt consolidation and still live with the stress of debt. This solution can be effective insofar as a person is able to repay 100 % of his debts with interest.

 

The consumer proposalThe syndic has the power to negotiate a reduction or extension of your payments with your creditors, depending on your ability to pay. By opting for the consumer proposal, you make just one payment per month, interest-free.

Yes, it is possible to benefit from a consumer proposal even if you have been bankrupt in the past. However, it is important to consult a licensed insolvency trustee to assess your specific situation. The trustee will be able to determine whether a consumer proposal is the best option for you, taking into account your financial history and current needs.

A consumer proposal allows you to negotiate with your creditors to reduce the amount of your debts. However, it's important to note that some debts cannot be included in a proposal, such as alimony, criminal fines or debts resulting from fraud. A licensed insolvency trustee will be able to guide you on which debts are eligible and which are not.

The duration of a consumer proposal can vary according to individual circumstances. Generally, the process lasts between 3 and 5 years. During this period, you will be required to make the payments agreed in the repayment plan. These payments are based on your financial capacity and are determined in collaboration with the trustee.

A concrete solution

Don't let debt suffocate you.

Choose financial freedom.

EN