In last week’s blog we discussed the stakeholders and key players and their roles in a corporate restructuring. This week we’ll be addressing the Division 1 Proposal, commonly referred to as a Commercial Proposal or the Proposal. What is a Division 1 Proposal? The Division 1 Proposal is a legal document typically drawn up by […]
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Do you feel trapped by debt? The weight of endless bills, non-stop calls from creditors, and sleepless nights can make you feel like there’s no way out. You might believe your situation is hopeless, that you’ll be struggling with payments forever. But that’s not true. There is a way. You deserve a fresh start. A […]
Corporate Insolvency & Restructuring Introduction As an entrepreneur in the Greater Toronto Area, you understand the daily pressures of running a business. With rising costs, inflation, high interest rates, and the need to repay loans, many businesses are struggling. It’s easy to feel overwhelmed when faced with financial challenges. But you are not alone. Facing […]
Financial Plan Introduction: The Urgent Need to Shift from Conversation to Action November’s Financial Literacy Month encouraged Canadians to “Talk Money”, create a financial plan and break the stigma around debt. That conversation is vital. Talking openly about money helps reduce shame and encourages people to seek help. But for many households in the Greater […]
Sarah owns a small café in Toronto. One Tuesday afternoon, she called the Canada Revenue Agency, hoping to get CRA tax help on her business taxes. After 45 minutes on hold, she gave up. Her tax return sat unfinished. What began as a simple question turned into a $12,000 tax debt problem! Sarah’s story is […]
As a Licensed Insolvency Trustee at Ira Smith Trustee & Receiver Inc., I’ve guided many people through the bankruptcy process in the Greater Toronto Area. One of the most common questions I hear is: “What happens at my discharge hearing?” Recently, a significant Ontario court decision has shed new light on this crucial aspect of […]
A few months ago, I drove past something troubling. A house appeared to sit empty for weeks, then a realtor’s for-sale sign with the extra wording “Power of Sale” appeared on the lawn. As a Licensed Insolvency Trustee serving the Greater Toronto Area, I believed this wasn’t just a one-off situation. What I discovered when […]
Insolvency Trustee Court Order: Introduction As a Licensed Insolvency Trustee (formerly called a trustee in bankruptcy) at Ira Smith Trustee & Receiver Inc. in the Greater Toronto Area, I meet with people and business owners every day who feel overwhelmed by debt. Many believe we only handle bankruptcies. The truth is, our role goes much […]
The Toronto condo market in 2025 has become a harsh teacher for many investors. What once seemed like a sure path to retirement wealth has turned into financial stress for thousands of people across the Greater Toronto Area. As a licensed insolvency trustee firm with decades of experience, we’ve seen firsthand how real estate investments […]
Introduction: Understanding Canada’s Cost of Living Landscape Life in Canada used to mean certain dreams were within reach: a comfortable home, food on the table, and savings for a secure future. But for many Canadians, due to the cost of living over recent years always rising, those dreams feel further away than ever. The Canadian […]