Solutions for Businesses
We know that many events can cause instability to a business. At these times, we understand that business owners and executives need to know all their options as soon as possible to develop a restructuring and recovery plan that addresses the needs of all stakeholders.
A CIRP-designated Licensed Insolvency Trustee can diagnose the source of your financial difficulties and help you resolve them, either through a recovery plan, streamlining your operations, managing your growth or refinancing your activities.
The Debt Restructuring Proposal and CCAA
When a company faces a threat that could terminate its operations, it can obtain protection under the Bankruptcy and Insolvency Act, through the debt restructuring proposal, or the Companies' Creditors Arrangement Act (CCAA).
In doing so, a CIRP-designated Licensed Insolvency Trustee will ensure all proceedings against the company are stayed to allow the company to develop a plan or proposal for its creditors. The company will have a sufficiently long period of time to come to an agreement with its creditors. Once the agreement is concluded and respected, the company will be released from its debts.
When a business is no longer profitable, is burdened with debt and management is no longer willing to continue operations, bankruptcy may be the best way to wind up the business. Indeed, bankruptcy makes it possible to suspend proceedings initiated against creditors and to supervise the liquidation of assets. A CIRP-designated Licensed Insolvency Trustee will handle the liquidation process, which will ensure its legality and prevent management from taking actions that could be against the law.
More CAIRP resources
How a CIRP-designated Licensed Insolvency Trustee Can Help You
A CIRP-designated Licensed Insolvency Trustee is the most highly trained and educated debt expert in Canada.Learn more
Glossary of Industry Terms
A comprehensive list of insolvency and restructuring industry terms and definitions.Learn more
Debt Solutions for Small Businesses
Spring cleaning your small business
Why an LIT?
Business Success is Attainable through this 1-Step Strategy Makeover