bankruptcy and business Bankruptcy and Business: Introduction As a licensed insolvency trustee, (previously referred to as a trustee in bankruptcy), my role involves assisting individuals and businesses in managing the complexities associated with entrepreneurship. The conclusion of a business often occurs without fanfare; it is not typically marked by formal announcements or celebratory farewells but […]
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what does bankruptcy protection mean What does bankruptcy protection mean? Canada’s Bankruptcy & Insolvency Act What does bankruptcy protection mean? Bankruptcy protection is a legal status granted to individuals or businesses under Canada’s Bankruptcy and Insolvency Act (BIA). This protection shields debtors from creditor actions while working towards a fresh financial start, whether through bankruptcy […]
Importance of Understanding the Essence of Corporate Insolvency For the directors and management of a company, corporate insolvency feels like stepping into an intricate maze without a map. As a business owner, navigating financial challenges is far from simple, especially when insolvency starts looming. So, what does corporate insolvency truly mean, and why is it […]
If You Declare Bankruptcy What Happens? Introduction to Financial Hardships In life, we often face unexpected challenges that test our resilience and determination. Such is the experience of people we help who have encountered financial hardships due to an unforeseen event outside of their control such as job loss. The burden of mounting debts and […]
Form 31 Proof of Claim Introduction The Office of the Superintendent of Bankruptcy (OSB) published several amended Forms under the Bankruptcy and Insolvency Act (Canada) (BIA) to promote a more efficient and effective insolvency system, removing some outdated elements and ensuring better data integrity for all stakeholders. These amended Forms were originally set to come […]
Stalking Horse Offer Introduction In Brandon’s Blog post, I provide an in-depth analysis of the stalking horse offer in the context of bankruptcy protection, drawing insights from a recent ruling by the Alberta Court in the case of Tool Shed Brewing. By examining the various elements that influence court decisions regarding such offers and the […]
bankruptcy and cra debt Bankruptcy and CRA Debt Introduction Finance Minister and Deputy Prime Minister Chrystia Freeland introduced the 2024 Federal Budget on April 16. During her presentation in Parliament, she advised that Budget 2024 will include that any capital gain will be taxed from the current 50% to two-thirds. April 30 was the last […]
Rudy Giuliani: Introduction Rudolph Giuliani, formerly revered as a prominent figure in American governance for his commendable response during the September 11th attacks, has encountered a series of legal predicaments in recent times. Notably, his entanglement in the Ukraine scandal on behalf of Donald Trump to discredit Hunter Biden and his father Joe Biden, which […]
Financial stress test: Introduction Poor financial management is a substantial element that causes a firm to be burdened with excessive financial debt. To avoid financial stress, one of the critical areas for companies is to develop a proper balance between their debt and equity financing, in addition to creating a distinct plan for managing their […]
Bankruptcy Canada: Introduction In today’s challenging monetary atmosphere, individuals and companies run into many difficulties such as a worrying credit score, financial debt, insolvency, and the intricacies of the bankruptcy Canada system. With a variety of financial terms and legal terms to process, it is critical to comprehend the main participants, such as a Licensed […]