Tag: licensed insolvency trustee Vaughan

BIA vs CCAA Proceedings Toronto: Which Restructuring Strategy Saves Your Business?

Post author By Brandon Smith
Post date May 25, 2026

BIA vs CCAA Introduction

Good morning. If you are reading this, you are likely navigating one of the most challenging periods in your professional life. We want to start by acknowledging the immense pressure you are under. Running a business in the Greater Toronto Area (GTA) is demanding enough without the added weight of financial distress, creditor calls, and the fear of losing everything you have built. Please know that you are not alone, and your safety and well-being are paramount. Financial crisis is a hurdle, not the end of your story. We are here to help you find the path back to stability.

In this Brandon’s Blog, I talk about how using either the Bankruptcy and Insolvency Act (BIA) or the Companies’ Creditors Arrangement Act (CCAA), can be navigated to restructure and save your business.

BIA vs CCAA Key Takeaways

BIA Division 1 Proposals are typically faster and more cost-effective for small to medium-sized enterprises (SMEs) with less complex debt.
CCAA Proceedings are reserved for larger corporations with debts exceeding $5 million, offering greater judicial flexibility.
A “Stay of Proceedings” is a legal shield that immediately stops creditors from taking legal action or seizing assets while you restructure.
Failing a BIA Proposal leads to automatic bankruptcy, whereas a CCAA failure allows for more structured exits or liquidations.
Choosing the right strategy depends on your debt load, the complexity of your operations, and your ultimate goal for the business.

Highlights

The Lifeline of Business Restructuring
What is a BIA Division 1 Proposal?
The CCAA: For Complex Corporate Challenges
Direct Comparison: BIA vs. CCAA
Which Strategy is Right for Your Toronto Business?
Frequently Asked Questions (FAQ)
Conclusion: Starting Over, Starting Now

The Lifeline of Business Restructuring

When a business can no longer meet its financial obligations, it enters a state of insolvency. This is a technical term meaning the company’s liabilities exceed its assets or it cannot pay its bills as they come due. In Canada, we have two primary “lifelines” to help businesses avoid total liquidation: the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA).

Both pathways are designed to give a “fresh start” to a viable business by allowing it to restructure its debts and continue operating. However, the choice between them is critical. Making the wrong move can lead to the very outcome you are trying to avoid: the permanent closure of your company. Whether you are managing a manufacturing plant in Vaughan or a tech startup in downtown Toronto, understanding these frameworks is the first step toward regaining control.

What is a BIA Division 1 Proposal?

The BIA Division 1 Proposal is the most common tool used by small and medium-sized businesses in Ontario to manage insolvency. It is a formal, legally binding agreement between a debtor and their creditors to pay back a portion of the debt over time or to restructure the business operations.

How the Process Works

The process usually begins with filing a Notice of Intention (NOI). This filing triggers an immediate Stay of Proceedings, which acts as a legal “stop button” for all lawsuits, wage garnishments, and asset seizures. This gives the company an initial 30 days, extendable up to six months with court approval, to develop a restructuring plan.

A Licensed Insolvency Trustee (LIT) acts as the Proposal Trustee, overseeing the process and ensuring fairness for both the debtor and the creditors. Once the proposal is drafted, it is presented to the creditors for a vote. To pass, the proposal requires a “double majority”:

A majority in number of creditors who vote.
Two-thirds (66.7%) of the total dollar value of the claims.

Why Choose the BIA?

Predictability: The rules are clearly defined in the Act, leaving less room for legal ambiguity.
Cost-Efficiency: It involves fewer court appearances than a CCAA proceeding, making it significantly more affordable for smaller companies.
Speed: The deadlines are strict, forcing a resolution relatively quickly.

However, there is a catch. If the creditors reject the proposal, or if the court refuses to approve it, the company is automatically assigned into bankruptcy. This “all or nothing” nature makes the quality of the initial proposal and the advice of your business debt restructuring expert vital.

The CCAA: For Complex Corporate Challenges

While the BIA is a set of rigid rules, the Companies’ Creditors Arrangement Act (CCAA) is more like a blank canvas. It is federal legislation designed specifically for large corporations that need a more customized approach to restructuring.

The $5 Million CCAA Threshold

To qualify for CCAA, a company (or a group of affiliated companies) must have total debts exceeding $5 million. If your debt is below this mark, the BIA is your only option.

The Power of the Court

The defining feature of CCAA is judicial discretion. Unlike the BIA, where the process is largely administrative, CCAA is entirely court-driven. This allows a judge in the Ontario Superior Court of Justice to “craft” orders that fit the unique needs of a complex business. This might include:

Dealing with multiple classes of creditors separately.
Approving a stalking horse bidder process to sell assets while under protection.
Granting a broader “Stay of Proceedings” that can extend to third parties or directors.

Why Choose CCAA?

CCAA is ideal when a company has a complicated capital structure, international operations, or multiple layers of secured debt. It offers more flexibility and, crucially, does not result in automatic bankruptcy if the plan is rejected. Instead, the company simply loses its legal protection, and creditors are free to pursue their remedies.

Direct Comparison: BIA vs. CCAA

To help you decide which path fits your situation, here is a direct comparison of the two restructuring frameworks:

We know the tension put upon you when making these decisions. Choosing between these two paths isn’t just a legal formality; it’s a strategic decision that affects your employees, your reputation, and your future.

BIA vs CCAA: Which Strategy is Right for Your Toronto Business?

Determining the right strategy requires a deep dive into your company’s financial health and operational goals. For a local GTA business owner, perhaps a restaurant group with a few locations or a mid-sized construction firm, the BIA Division 1 Proposal is often the “lifeline” of choice. It provides the necessary protection without the prohibitive costs of a court-heavy CCAA process.

However, if you are managing a large enterprise with diverse assets and massive liabilities, the CCAA offers the “surgical precision” needed to restructure without the looming threat of automatic bankruptcy.

At Ira Smith Trustee & Receiver Inc., we specialize in identifying the most efficient route for your specific needs. We focus on the “why” behind the numbers, saving jobs, protecting your legacy, and giving you the peace of mind to sleep through the night again.

Frequently Asked Questions (FAQ)

Q: Can a small business use CCAA if they have less than $5 million in debt?
No. The $5 million threshold is a strict statutory requirement. For debts under this amount, the BIA Division 1 Proposal is the designated restructuring tool.

Q: Will my creditors find out about the restructuring?
Yes. Both BIA and CCAA are public processes. All known creditors must be notified so they can participate in the voting or court proceedings.

Q: Can I keep running my business during a BIA or CCAA process?
Absolutely. The entire point of these “debtor-in-possession” (DIP) proceedings is to allow management to continue running the day-to-day operations while the debt is restructured.

Q: What is a “Stay of Proceedings”?
Think of it as a legal shield. It is an order that prevents creditors from starting or continuing any legal actions, seizures, or collection efforts against you while you are under restructuring protection.

BIA vs CCAA Conclusion

Navigating the choice between BIA and CCAA proceedings in Toronto can feel like walking through a minefield. But you don’t have to do it alone. Whether your business needs the structured simplicity of a BIA Proposal or the sophisticated flexibility of a CCAA filing, the goal is the same: Starting Over, Starting Now.

By taking action today, you are choosing to lead your company through the storm rather than letting the storm dictate your future.

Starting Over, Starting Now

Don’t let financial uncertainty dictate your future. If you or your business is struggling with debt, losing sleep, or facing legal action, contact Ira Smith Trustee & Receiver Inc. today.

We offer a free, confidential consultation to discuss your situation, explain your options in plain language, and help you develop a clear, actionable plan. Our team of Licensed Insolvency Trustees is dedicated to providing the compassionate, professional support you need to regain control and achieve a debt-free life.

Take the first step towards a brighter financial future. Call us now.

Phone: 905.738.4167
Toronto Line: 647.799.3312
Website: irasmithinc.com
Email: brandon@irasmithinc.com

Ira Smith Trustee & Receiver Inc. is licensed by the Office of the Superintendent of Bankruptcy. Ira and Brandon Smith are members of the Canadian Association of Insolvency and Restructuring Professionals.

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Disclaimer: This analysis is for educational purposes only and is based on the cited sources and professional expertise as a Licensed Insolvency Trustee. The information provided does not constitute legal or financial advice for your specific circumstances. Every situation is unique; the outcomes discussed may not apply to your particular case. Please contact Ira Smith Trustee & Receiver Inc. to discuss your specific needs.

About the Author:

Brandon Smith is a Senior Vice-President at Ira Smith Trustee & Receiver Inc. and a Licensed Insolvency Trustee serving clients across Ontario. His experience includes consumer insolvency and complex court-ordered receivership and corporate bankruptcy administration, giving him practical insight into navigating challenging financial situations to achieve optimal outcomes for businesses, creditors, and professionals. Brandon stays current with landmark developments in Canadian insolvency law, ensuring his clients benefit from a cutting-edge understanding of their rights and options.

Tags BIA, BIA vs CCAA proceedings Toronto, business bankruptcy Ontario, CCAA, Corporate creditor proposals, corporate restructuring, debt restructuring services, financial distress, insolvency, insolvent, Ira Smith Trustee, licensed insolvency trustee Toronto, licensed insolvency trustee Vaughan, Small business bankruptcy Ontario

Brandon Blog Post

The Honda Alliston EV Retreat: How Ontario Auto Parts Suppliers Can Survive Vehicle Manufacturer Rollbacks

Post author By Brandon Smith
Post date May 19, 2026

Honda Alliston Introduction

At Ira Smith Trustee & Receiver Inc., we understand that the health of Ontario’s manufacturing sector isn’t just about numbers on a balance sheet; it’s about the livelihoods of thousands of families across the Greater Toronto Area and beyond. If your business is feeling the weight of recent industry shifts, please know that we are here to support you with clarity and compassion. You are not alone in this, and there is a path forward.

The most obvious recent example is in the auto parts sector. Ontario was still reeling from the GM and Stellantis production rollback announcements due to the tariffs when, just 4 days ago, on May 14, 2026, Honda Global CEO Toshihiro Mibe released a statement in Tokyo. He announced the indefinite suspension of the Honda Alliston EV plant due to changing market conditions, slowing EV demand and a shift in the company’s global strategy.

Honda Alliston Key Takeaways

The Honda Impact: The shelving of the $15 billion EV battery project in Alliston has left many Tier-2 and Tier-3 suppliers with significant “stranded” debt and idle capacity.
Restructuring as a Lifeline: Tools like the BIA Division 1 Proposal and CCAA are designed specifically to protect businesses from creditors while they reorganize.
Immediate Action is Vital: Identifying insolvency solutions for GTA manufacturers early can prevent the total loss of a business and protect directors from personal liability.
Starting Over, Starting Now: Our philosophy focuses on practical decision-making to restore your control and quality of life.

Honda Alliston Highlights

The Ripple Effect: Why the Honda Alliston Shift Matters
The Financial Squeeze: Tooling, Debt, and Idle Lines
How to Restructure a Business Under the BIA
CCAA: Protection for Larger Operations
Comparison: BIA vs. CCAA for Manufacturers
Protecting the Directors: Avoiding the Personal Fallout
Frequently Asked Questions (FAQ)

The Ripple Effect: Why the Honda Alliston Shift Matters

The announcement that Honda is indefinitely shelving its massive EV and battery complex in Alliston, Ontario, has sent a shockwave through the provincial supply chain. What was meant to be a $15 billion cornerstone of Canada’s green economy is now on hold, cited as a casualty of flagging consumer demand and shifting trade policies.

For many local manufacturers, this isn’t just news, it’s a crisis. You may have invested in specialized machinery, hired staff in anticipation of long-term contracts, or taken on significant debt to meet “Just-In-Time” requirements for a project that has now vanished. When the “anchor” plant retreats, the smaller links in the chain are often the ones that feel the most strain.

The Financial Squeeze: Tooling, Debt, and Idle Lines

Many auto parts suppliers operate on thin margins. The shelving of a major project like Honda Alliston creates a “double whammy”:

Stranded Capital: Money tied up in specialized tooling and equipment that cannot be easily repurposed for hybrid or internal combustion engine (ICE) lines.
Contractual Void: The sudden disappearance of forecasted revenue makes it nearly impossible to service the debt incurred to scale up.

If you find yourself in a “Honda Alliston” position, you might be facing pressure from your bank or equipment lessors. This is where a Vaughan Debt Relief Specialist can step in to provide a buffer between you and your creditors.

Honda Alliston: How to Restructure a Business Under the BIA?

When a corporation can no longer meet its financial obligations, it is considered insolvent. However, insolvency does not have to mean the end of the road. One of the most effective tools available is a Division 1 Proposal under the Bankruptcy and Insolvency Act (BIA).

A Division 1 Proposal is a formal offer made to your creditors to pay back a percentage of what is owed over time, or to restructure the terms of the debt. The moment we file a “Notice of Intention” to make a proposal, a Stay of Proceedings is put in place. This is a legal “shield” that stops all lawsuits, equipment seizures, and collection efforts immediately, giving you the breathing room to stabilize your operations.

Honda Alliston: CCAA Protection for Larger Operations

For larger manufacturers, typically those with more than $5 million in debt, the Companies’ Creditors Arrangement Act (CCAA) offers an even more flexible restructuring framework.

CCAA is a court-supervised process that allows a company to remain in control of its operations (as a “debtor-in-possession”) while it works out a plan to survive. It is particularly useful for complex auto suppliers who need to renegotiate multiple supply contracts or deal with international cross-border issues.

Comparison: BIA vs. CCAA for Manufacturers

Choosing the right path depends on the size and complexity of your manufacturing firm.

Feature	BIA Division 1 Proposal	CCAA (Restructuring)
Debt Threshold	No minimum (typically for SMEs)	Minimum $5 million total debt
Initial Stay	Automatic 30-day stay of proceedings	10-day initial stay (extendable)
Court Involvement	Moderate (standardized forms)	High (requires court appearances)
Control	Directors stay in control	Directors stay in control (monitored)
Speed	Generally faster and less expensive	Highly customized but more costly

Protecting the Directors: Avoiding the Personal Fallout

We know the tension put upon you as a business owner. Beyond the company’s survival, you are likely worried about your personal assets. In Ontario, directors can be held personally liable for certain corporate debts, such as unpaid HST or source deductions (payroll taxes).

If an event like the Honda Alliston shelving has caused a cash flow crisis that prevents you from making these payments, you must act quickly. Filing a restructuring proposal can often stop the clock on these liabilities and prevent the CRA from coming after your personal home or savings. We recently discussed the importance of D&O Insurance and Director Liability, which is a critical read for anyone in this position.

Why Choose Ira Smith Trustee & Receiver Inc.?

We don’t just see balance sheets; we see people. Our “Starting Over, Starting Now” philosophy means we focus on the solution, not the blame. Whether you are dealing with mortgage default concerns due to business stress or need a comprehensive plan for your factory, we provide the expertise of a Licensed Insolvency Trustee with the empathy of a trusted guide.

Honda Alliston: Frequently Asked Questions (FAQ)

1. Can we keep operating while we restructure?
Yes. Both a Division 1 Proposal and CCAA are designed to keep the “lights on” so the business remains a viable going concern.

2. Will my customers find out?
Restructuring is a public process, but for auto suppliers, it often signals to your customers (the OEMs) that you are taking responsible steps to ensure your long-term stability and ability to fulfill future contracts.

3. What happens to the specialized EV tooling we bought?
In a restructuring, we can look at “disclaiming” or renegotiating leases on equipment that is no longer useful due to the project being shelved.

4. Is it too late if I’ve already received a demand letter from the bank?
It is rarely too late to start the conversation, but your options are most numerous when you act before a Receiver is appointed.

Starting Over, Starting Now

Don’t let financial uncertainty dictate your future. If you or your business is struggling with debt, losing sleep, or facing legal action, contact Ira Smith Trustee & Receiver Inc. today. Remember, it is not your fault. Events like the Honda Alliston indefinite suspension are outside of your control and happen in business all the time.

Take the first step towards a brighter financial future, call us now.

Phone: 905.738.4167
Toronto Line: 647.799.3312
Evenings and Weekends Line: 289.670.7500
Website: irasmithinc.com
Email: brandon@irasmithinc.com

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About the Author:

#AutoIndustry #OntarioManufacturing #DebtRelief #Insolvency #BusinessRestructuring #HondaAlliston #BIA #CCAA #IraSmithInc

Tags BIA Division 1 Proposal Canada, Brandon Smith, CCAA, CCAA restructuring for manufacturers, Division I Proposal, Honda Alliston, Honda Alliston EV project shelving, How to restructure a business under the BIA, Insolvency solutions for GTA manufacturers, Ira Smith Trustee, licensed insolvency trustee Toronto, licensed insolvency trustee Vaughan, Ontario auto parts supplier debt, stay of proceedings, Vaughan Debt Relief Specialist

Brandon Blog Post

5 Steps to Stop Wage Garnishment in Ontario

Post author By Brandon Smith
Post date May 11, 2026

Hello. If you are reading this, you might have just opened your paystub only to find that a significant portion of your hard-earned money has vanished before it even reached your bank account due to a wage garnishment. Perhaps you’ve received a daunting legal notice in the mail, or your HR department has pulled you aside to discuss a court order.

First, I want you to take a deep breath. You are safe, and more importantly, there is a way out. At Ira Smith Trustee & Receiver Inc., we know the immense tension put upon you when your livelihood is threatened. Wage garnishment isn’t just a financial burden; it feels like an invasion of your privacy and a blow to your dignity.

We are here to tell you: It is not your fault. Economic shifts, unexpected life events, and rising costs in the GTA can happen to anyone. Our philosophy is “Starting Over, Starting Now,” and that starts with understanding how to protect your paycheck.

Key Takeaways

Act quickly. The sooner you respond to a wage garnishment, the more of your income you may be able to protect.
Ontario law sets limits. Most creditors can garnish up to 20% of your gross wages, although exceptions apply.
Negotiation may help, but it is not always enough. Creditors do not always agree to stop a garnishment once a court order is in place.
A consumer proposal or personal bankruptcy can trigger a Stay of Proceedings. This legal protection can stop most wage garnishments immediately.
A Licensed Insolvency Trustee can guide you. We can help you understand your options and take fast, practical steps toward relief.

In this guide, we will walk you through the exact steps to stop wage garnishment in Ontario and regain the control you deserve.

Highlights

Step 1: Don’t Panic but Act Fast
Step 2: Understand the Limits of the Wages Act
Step 3: Attempt Direct Negotiation (With Caution)
Step 4: Invoke the Legal “Stay of Proceedings”
Step 5: Contact a Licensed Insolvency Trustee in Toronto
Moving Forward: Your Fresh Start

Step 1: Don’t Panic but Act Fast

When you first discover a Notice of Garnishment, your instinct might be to hide the letter or hope the problem goes away. However, in the world of debt relief, time is your most valuable asset.

A wage garnishment is a legal process where a creditor (someone you owe money to) obtains a court order requiring your employer to withhold a portion of your wages and send it directly to the creditor to pay off a debt.

Why you must act now:
Once a wage garnishment starts, it usually continues until the entire debt, including mounting interest and legal fees, is paid in full. The difference between taking action this week versus next month could be thousands of dollars in lost income. While we can stop future deductions, it is very difficult (and often impossible) to recover money that has already been sent to a creditor.

At Ira Smith Trustee & Receiver Inc., we specialize in financial crisis management, providing immediate, actionable plans to stop these drains on your bank account before they cause further damage to your quality of life.

Step 2: Understand the Limits of the Wages Act

Did you know that there are legal limits to how much a creditor can take from you? In Ontario, the Wages Act sets the rules for how wage garnishment works.

Generally, a creditor can only garnish 20% of your gross wages. However, there are some critical exceptions you need to be aware of:

Standard Debts: For most consumer debts (credit cards, personal loans), the limit is 20%.
Family Responsibility Office (FRO): If the garnishment is for child support or alimony, they can take up to 50%.
The CRA Advantage: The Canada Revenue Agency (CRA) does not need a court order to garnish your wages. They can issue a Requirement to Pay and take significantly more than a standard creditor, sometimes up to 50% or more, if they feel it is necessary to collect tax debt.

Assets and income protected by law are often referred to as exempt assets or protected income. Understanding these limits is the first step in realizing that the law actually provides you with some protections, even when things feel out of control.

Wait, can they garnish my whole paycheck?
No. Under the Wages Act, you must be left with enough to maintain a basic standard of living. If a 20% garnishment is causing you extreme financial hardship (preventing you from buying food or paying rent), you can actually apply to the court to have the percentage reduced. However, this is a slow and often expensive legal process.

Step 3: Attempt Direct Negotiation (With Caution)

In some cases, you can stop a garnishment by contacting the creditor directly and offering a voluntary payment plan.

The Pro: If they agree, they may withdraw the garnishment order.
The Con: Most creditors who have gone through the legal trouble of getting a court order are unlikely to stop unless they believe they will get paid faster through a voluntary agreement.

If you choose this route, ensure you:

Get everything in writing. Never rely on a verbal promise from a collection agent.
Don’t over-promise. Only agree to a payment you can realistically afford.
Be aware of the CRA. The CRA is notoriously difficult to negotiate with once they have started a garnishment. They usually require a full disclosure of your financial situation before they even consider a “payment arrangement.”

If negotiation fails: which it often does once the legal gears are in motion: don’t lose hope. There is a much more powerful legal tool available to you.

Step 4: Invoke the Legal “Stay of Proceedings”

This is the most effective “lifeline” for residents of the GTA facing debt. Under the federal Bankruptcy and Insolvency Act (BIA), filing a Consumer Proposal or Personal Bankruptcy triggers what is known as a Stay of Proceedings.

A Stay of Proceedings is a powerful legal shield that immediately stops almost all legal actions against you, including:

Wage garnishments.
Lawsuits from creditors.
Harassing collection calls.
Utility shut-offs.

How a Consumer Proposal Ontario stops the bleeding:
A consumer proposal is a formal, legally binding agreement where you offer to pay your creditors a percentage of what you owe over a period of up to five years. Once your Licensed Insolvency Trustee Toronto files the proposal, your employer is legally required to stop the garnishment deductions immediately.

The best part? A consumer proposal can often reduce your total debt by up to 80%, leaving you with one affordable monthly payment and the peace of mind that your full paycheck is finally coming home to you.

Step 5: Contact a Licensed Insolvency Trustee in Toronto

The final and most important step is to speak with a professional. Only a Licensed Insolvency Trustee (LIT) is authorized by the federal government to administer consumer proposals and bankruptcies.

When you meet with us at Ira Smith Trustee & Receiver Inc., we don’t just look at numbers. We look at your life. We offer a compassionate, results-oriented approach that turns catastrophic situations into manageable, debt-free outcomes.

What happens during our first meeting?

Assessment: We review your income, expenses, and who you owe money to.
Options: We explain the difference between a consumer proposal and bankruptcy, helping you choose the path that best protects your exempt assets.
Immediate Action: Once you decide to move forward, we handle the paperwork and notify your employer and creditors. We take the “starting over” part of our philosophy seriously: we want the garnishment stopped now.

We know the shame that often comes with debt, but we want to remind you that these programs exist specifically to give honest, hard-working people a second chance.

Moving Forward: Your Fresh Start

Wage garnishment is a loud wake-up call, but it doesn’t have to be the end of your financial story. By following these 5 steps, you can move from a state of fear to a state of control.

Why choose Ira Smith Trustee & Receiver Inc.?
We are more than just debt consultants. We are your partners in restructuring your life. Whether you are a business owner facing corporate insolvency or an individual in the GTA struggling with credit card debt, we provide the expertise needed to stabilize your operations and your home life.

Starting Over, Starting Now.
Don’t let another pay period go by with a garnished cheque. Reach out to us today for a free, no-obligation consultation. We will listen to your story, respect your situation, and provide the roadmap you need to become debt-free.

Helpful Resources:

Frequently Asked Questions (FAQ)

Can a consumer proposal stop wage garnishment in Ontario right away?
In most cases, yes. Once we file a consumer proposal under the Bankruptcy and Insolvency Act, an automatic Stay of Proceedings comes into effect. That legal stay usually stops most wage garnishments immediately. This matters because it can give you breathing room fast and help restore control over your cash flow.

Can the CRA keep garnishing my wages if I file?
A properly filed consumer proposal or personal bankruptcy will generally stop CRA wage garnishments as well. The CRA is a powerful creditor, but it is still subject to the stay in most personal insolvency proceedings. This is one reason why getting professional advice quickly can be such an important lifeline.

Will my employer find out if I file a consumer proposal or bankruptcy?
If your wages are already being garnished, your employer is already involved in the process. If we file to stop that garnishment, your employer will receive notice that the deductions must stop. We know this can feel stressful, but you are not alone, and we handle these communications professionally and discreetly.

Should I try to negotiate with the creditor before speaking with a Licensed Insolvency Trustee?
You can, and sometimes that works. But once a creditor has a court order, they often have little incentive to stop. Speaking with a Licensed Insolvency Trustee early helps you understand all of your options before you commit to a payment arrangement you may not be able to maintain. The benefit is clarity, speed, and a real plan.

Book a Free Consultation

If you are dealing with wage garnishment and want clear answers, we invite you to book a free, no-obligation consultation with our team at Ira Smith Trustee & Receiver Inc. Our philosophy is Starting Over, Starting Now, and that means taking immediate, practical action when your income is under threat. We will review your situation, explain your options in plain language, and help you take the next step toward relief with confidence.

Ira Smith Trustee & Receiver Inc. is licensed by the Office of the Superintendent of Bankruptcy and is a member of the Canadian Association of Insolvency and Restructuring Professionals.

Phone: 905.738.4167

Toronto line: 647.799.3312

Website: https://irasmithinc.com/

Email: brandon@irasmithinc.com

Remember: You don’t have to face this alone. We are here to help you regain your quality of life.

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Professional Disclaimer

This blog post is provided for general informational purposes only and does not constitute legal, insolvency, tax, or financial advice. Every situation is different. Ira Smith Trustee & Receiver Inc. is licensed by the Office of the Superintendent of Bankruptcy (OSB) to act as a Licensed Insolvency Trustee, and Ira Smith and Brandon Smith are members of CAIRP (the Canadian Association of Insolvency and Restructuring Professionals). Please speak directly with a Licensed Insolvency Trustee or another qualified professional before making any decision based on your specific circumstances.

About the Author

Tags consumer proposal ontario, debt relief Ontario, Ira Smith Trustee, licensed insolvency trustee Toronto, licensed insolvency trustee Vaughan, personal bankruptcy Ontario, stop wage garnishment, wage garnishment, wage garnishment Ontario

Brandon Blog Post

OUR ONTARIO CPA BANKRUPTCY COMPREHENSIVE GUIDE: PROTECT YOUR CPA LICENSE AND ELIMINATE DEBT

Post author By Brandon Smith
Post date April 13, 2026

CPA bankruptcy

cpa bankruptcy

CPA Bankruptcy Introduction

Last week, my Brandon’s Blog, “OUR ONTARIO LAWYER COMPREHENSIVE GUIDE IF FACING BANKRUPTCY: PROTECT YOUR LSO LICENSE AND CAREER” was for insolvent Ontario lawyers. This week, I am writing for Ontario CPAs. Undeniably, being an Ontario CPA secretly drowning in debt is a terrifying experience that makes you fear for the career you worked so hard to build.

Naturally, many financial professionals hide their struggles until it is too late, risking everything they have achieved out of fear and shame. Fortunately, filing for professional debt relief does not mean your career is over, and we will show you exactly how to save your licence and eliminate your debt.

CPA Bankruptcy Key Takeaways

Your licence is not automatically lost: Filing for personal bankruptcy or a consumer proposal does not mean you instantly lose your Ontario CPA designation.
You must report it: You are legally required to notify the CPA Ontario Registrar in writing within 15 days of filing.
The reason matters: CPA Ontario reviews each case individually to ensure your debt is not related to fraud or criminal activity.
A Consumer Proposal or Division I Proposal is often better: A proposal is a powerful tool for CPAs to settle debt without the severe restrictions of a formal bankruptcy.
Get expert help today: Ira Smith Trustee & Receiver Inc. is very experienced in helping Ontario professionals solve complex debt problems.

What is an Ontario CPA Bankruptcy?

Fundamentally, an Ontario CPA bankruptcy is a formal legal process where a Chartered Professional Accountant seeks protection from their creditors under the Bankruptcy and Insolvency Act. Consequently, this specific insolvency process triggers a mandatory review by CPA Ontario, requiring careful navigation to balance debt elimination with strict professional regulatory compliance.

Interestingly, many financial experts mistakenly believe that filing for this protection means immediate career termination. However, making a formal personal insolvency filing does not result in the automatic loss of an Ontario CPA designation; instead, the professional body reviews the cause of insolvency to ensure there was no financial fraud or otherwise a loss or harm to the public.

Why Understanding Ontario CPA Bankruptcy Matters

Unquestionably, understanding this process matters because making the wrong move could jeopardize your livelihood and professional reputation. CPAs who try to hide their financial problems from their regulatory body will face much harsher consequences than those who proactively report their insolvency. Therefore, knowing your legal rights gives you the power to restructure your finances without sacrificing your hard-earned designation. Professionally successful high-income earners can struggle with debt due to unexpected life events like divorce or business failure, the same as anyone else. — Source: [Norton Finance, March 14, 2016]

The Core Legal Framework: What CPA Ontario Regulation 4-3 Says About Debt

Under the Chartered Professional Accountants of Ontario Act of 2017, members are bound by specific disclosure rules. You can find the details of these mandatory requirements laid out in CPA Ontario Regulation 4-3, also known as ‘Obligations & Standing’. According to CPA Ontario Regulation 4-3, Section 8, an Ontario CPA who files for bankruptcy or a proposal must notify the Registrar in writing within 15 days. Consequently, this 15-day rule is the most critical deadline you will face during your debt relief journey. Undoubtedly, failure to comply with this simple notification rule is considered professional misconduct.

The CPA Bankruptcy Merits Review Process

Next, a thorough merits review takes place to understand exactly why you became insolvent. Essentially, they want to know if your financial crisis stems from unfortunate life events, such as a medical emergency or a failed side business, rather than criminal fraud. Usually, if you have not mishandled client funds, CPA Ontario takes a highly reasonable and practical approach. Indeed, the regulatory body understands that smart people can experience bad luck.

What Documents Do You Need?

Additionally, you must provide specific documentation to CPA Ontario to facilitate this review process. Typically, they will ask for written notice of your filing, recent tax returns, detailed financial statements, and a copy of your insolvency filing documents. Furthermore, you will need to sign a consent form that legally allows them to communicate directly with your Licensed Insolvency Trustee. Therefore, having an organized foundation and understanding the personal insolvency process in Ontario makes gathering these documents much easier.

CPA Consumer Proposal or Division I Proposal vs. CPA Bankruptcy

Comparatively, a consumer proposal, a Division I Proposal and a personal bankruptcy are two distinct legal options (with either form of proposal counting as one) for dealing with severe debt, but they impact your CPA licence differently. A proposal is a legally binding agreement to pay creditors a percentage of what is owed, whereas bankruptcy involves surrendering non-exempt assets in exchange for debt forgiveness.

Thus, choosing the right path depends on your income, your assets, and your long-term career goals. Notably, Licensed Insolvency Trustees, such as Ira Smith Trustee & Receiver Inc., frequently utilize proposals to help Ontario CPAs safely eliminate overwhelming debt while protecting their professional licensing.

Why a Consumer Proposal or Division I Proposal is Usually Better

Significantly, a proposal is widely regarded as the superior choice for practicing accountants in Ontario. First, it allows you to retain total control over your assets, which is crucial if you own a home or a stake in an accounting firm. Moreover, it demonstrates to CPA Ontario that you are taking proactive, responsible steps to repay a portion of your financial obligations.

Consequently, this responsible approach aligns perfectly with the ethical expectations of the accounting profession. Proposals now account for almost 80% of all consumer insolvencies in Ontario. — Source: [Office of the Superintendent of Bankruptcy Canada, November 2025]

When Ontario CPA Bankruptcy Makes Sense

Conversely, a personal CPA bankruptcy might be the only viable option if your income has dropped significantly and you have no assets to protect. Occasionally, professionals face circumstances where a proposal simply cannot be funded due to prolonged unemployment or severe illness. Nevertheless, even in a formal bankruptcy, your CPA designation can often be saved if the root cause is thoroughly explained. Ultimately, you need a customized strategy to determine which legal pathway is the safest for your specific scenario.

Proposal vs Ontario CPA Bankruptcy: Comparing the Two Options

Consequently, to clarify the differences, here is a detailed breakdown of how each option affects your professional and personal life. Obviously, weighing these factors is the first step toward regaining your financial independence.

Feature	Consumer Proposal Or Division I Proposal	Personal Bankruptcy
Impact on CPA Licence	Favourable (Shows intent to repay) for strict merits review	Requires strict merits review
Asset Retention	You keep all your assets	You lose non-exempt assets that have value/equity
Monthly Payments	Fixed, predictable payments	Fluctuates based on income
Public Record	Yes	Yes
Regulatory Notification	Required within 15 days	Required within 15 days

CPA bankruptcy

CPA Bankruptcy: How We Help Protect Your Career

Importantly, choosing the right Licensed Insolvency Trustee is the most crucial decision you will make during this stressful time. We specialize in complex, high-stakes professional insolvency cases. Crucially, because we understand the nuances of CRA tax debt and CPA Ontario bylaws, we actively shield your career from unnecessary damage. Ultimately, we speak the same financial language as you, ensuring nothing is lost in translation.

Confidentiality and Discretion

Furthermore, although total confidentiality can never be guaranteed as a CPA bankruptcy or proposal filing is a quasi-public process, we operate with an absolute commitment to your privacy and professional dignity. Understandably, as a financial professional, the shame associated with an insolvent debtor status can feel entirely overwhelming. However, our office is a strict judgment-free zone where your secrets are meticulously protected. To date, professionals who filed a proposal or bankruptcy with us have successfully retained their professional licences.

Strategic Regulatory Communication

Additionally, we do not just file your paperwork and walk away; we help you navigate the tricky communications with CPA Ontario. Specifically, we assist in drafting the required 15-day notice and provide the exact context the Registrar needs to see. Therefore, by framing your financial crisis accurately, we help ensure your merits review goes as smoothly as possible. Ultimately, why a proposal is the best option for Ontario professionals becomes clear when you see our strategic process in action.

Tools and Practical Application: How to Take Action Today

Practically, navigating an Ontario CPA bankruptcy requires actionable steps, organization, and the right strategic tools. First, you must gather all relevant financial data, including a full list of your creditors, CRA tax arrears, and current income statements. Next, you need a secure way to review these numbers with a Licensed Insolvency Trustee.

Step 1: Schedule a Confidential Consultation

Initially, your first step is to schedule a free, confidential consultation with Ira Smith Trustee & Receiver Inc.. Typically, during this meeting, we review your exact financial position and outline a bespoke recovery strategy. Importantly, this initial conversation is completely risk-free. Consequently, you can speak openly about your debts without fear of exposure.

Step 2: Prepare Your Financial Overview

Subsequently, you will need to compile a comprehensive overview of your personal liabilities, including any liabilities arising as a result of you being a director of a corporation. Specifically, if you are an accounting firm partner, we must review both personal guarantees and other debts. Indeed, handling complex situations is our specialty, especially if your accounting practice or business is facing unmanageable debt. Thus, having accurate numbers accelerates our ability to protect you.

Step 3: Execute the Notification Strategy

Finally, once we decide on a proposal or bankruptcy, we immediately trigger our CPA Ontario notification strategy. Diligently, we ensure the Registrar receives the exact information required under Regulation 4-3 within the strict 15-day window. Ultimately, this proactive compliance is what saves your licence and keeps your career securely on track.

What’s Next? Your Path to Financial Freedom

Moving forward, you must embrace the reality that ignoring your financial problems will only make them worse. Actually, waiting until creditors garnish your wages or the CRA freezes your bank accounts forces you into a corner with fewer options. Therefore, taking immediate action puts you back in the driver’s seat of your life and your professional practice. Ultimately, let us help you eliminate the burden so you can focus on what you do best.

Overcoming the Professional Stigma

Admittedly, overcoming the psychological barrier of asking for help is often harder than the legal process itself. Historically, CPAs deal with other people’s money all day, so the perceived shame of mismanaging their own is a massive mental roadblock. Nevertheless, smart people frequently encounter bad luck, and financial restructuring is simply a legal tool designed to fix it. Unquestionably, we are the experts you can trust to solve this quietly and effectively.

Frequently Asked Questions About Ontario CPA Bankruptcy

Q: Will I lose my Ontario CPA licence if I file for bankruptcy?

A: Truthfully, you will not automatically lose your licence, as CPA Ontario evaluates each insolvency on a case-by-case basis. Generally, if your financial issues stem from personal misfortune rather than fraud or professional misconduct, you can retain your designation. Therefore, transparency and early reporting are your best defenses.

Q: Do I have to tell CPA Ontario if I file a Consumer Proposal or Division I Proposal?

A: Undoubtedly, yes. According to CPA Ontario Regulation 4-3, Section 8, you must notify the Registrar within 15 days of filing. Subsequently, the Registrar will review your file to ensure you meet the ethical standards required of the profession. Ultimately, attempting to hide this filing will cause significantly more harm than the proposal itself.

Q: Is a Proposal better than bankruptcy for an accountant?

A: Undeniably, a proposal is generally the better option because it demonstrates a proactive intent to repay your creditors. Furthermore, it allows you to protect your assets and maintain greater financial control during the repayment period. Consequently, it aligns closely with the fiduciary and ethical responsibilities expected of a CPA.

Q: What documents does CPA Ontario need when I file?

Typically, they require written notice of your insolvency, recent tax returns, detailed financial statements, and a copy of your formal filing documents. Additionally, you must sign a consent form that grants the Registrar permission to speak directly with your Licensed Insolvency Trustee. Essentially, this documentation ensures complete transparency throughout the merits review process.

CPA Bankruptcy Conclusion

In conclusion, facing an Ontario CPA bankruptcy is undoubtedly terrifying, but it absolutely does not have to be the end of your career. Essentially, because CPA Ontario focuses on the root cause of your debt rather than the insolvency itself, you have a clear path to survival. Consequently, whether through a carefully structured proposal or a formal bankruptcy, your professional designation can be preserved. Finally, the team at Ira Smith Trustee & Receiver Inc. is ready to guide you through this crisis with expertise, empathy, and absolute discretion.

Undoubtedly, the journey through professional debt is daunting, but you do not have to walk it alone. Ira Smith Trustee & Receiver Inc. possesses the empathy, expertise, and discretion required to guide you back to financial stability. Therefore, take a deep breath, acknowledge the problem, and let us help you implement the expert debt solutions necessary to secure your future today.

Don’t wait until it’s too late. The longer you delay, the fewer options become available, and the greater the risk to your business and your personal finances. Taking that first step to seek expert advice is the most powerful and proactive decision you can make right now.

Take Action Today: Contact Ira Smith Trustee & Receiver Inc.

We are Licensed Insolvency Trustees, dedicated to providing clear, actionable, and compassionate advice to businesses across Ontario. We offer:

Free, Confidential Consultations: Discuss your unique situation without cost, obligation, or judgment.
Expert Guidance: Understand all your options for business debt restructuring, from informal negotiations to formal proposals under Canadian law.
A Clear Path Forward: Get a personalized, step-by-step plan tailored specifically to your business’s needs and goals.
Relief from Pressure: We can help you stop creditor harassment and regain control.

Let us help you lift the burden of debt and guide your business towards a sustainable, successful future. Call us now or visit our website to schedule your free consultation. Your business’s second chance starts here.

Take the first crucial step towards a brighter financial future for your business. Contact Ira Smith Trustee & Receiver Inc. today to schedule your free initial consultation. Your business’s pivot to sustainable success starts now.

Don’t let financial uncertainty dictate your future. If you or your business is struggling with debt, losing sleep, or facing the possibility of legal action, contact Ira Smith Trustee & Receiver Inc. today. We offer a free, confidential consultation to discuss your situation, explain your options in plain language, and help you develop a clear, actionable plan.

Our team of Licensed Insolvency Trustees is dedicated to providing the compassionate, professional support you need to regain control and achieve a debt-free life. Take the first step towards a brighter financial future – call us now.

Ira Smith Trustee & Receiver Inc. is licensed by the Office of the Superintendent of Bankruptcy and is a member of the Canadian Association of Insolvency and Restructuring Professionals.

Phone: 905.738.4167
Toronto line: 647.799.3312
Website: https://irasmithinc.com/
Email: brandon@irasmithinc.com

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Disclaimer: This analysis is for educational purposes only and is based on the cited sources and my professional expertise as a licensed insolvency trustee. The information provided does not constitute legal or financial advice for your specific circumstances.

Every situation is unique and involves complex legal and factual considerations. The outcomes discussed in this article may not apply to your particular situation. Situations are fact-specific and depend on the particular circumstances of each case.

Please contact Ira Smith Trustee & Receiver Inc.get in touch with Ira Smith Trustee & Receiver Inc.

About the Author:

Brandon Smith is a Senior Vice-President at Ira Smith Trustee & Receiver Inc. and a licensed insolvency trustee serving clients across Ontario. With extensive experience in complex court-ordered receivership administration and corporate insolvency & restructuring proceedings, Brandon helps businesses, creditors, and professionals navigate challenging financial situations to achieve optimal outcomes.

Brandon stays current with landmark developments in Canadian insolvency law. He brings this cutting-edge knowledge to every client engagement, ensuring his clients benefit from the most current understanding of their rights and options.

CPA bankruptcy

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Brandon Blog Post

LICENSED INSOLVENCY TRUSTEE VAUGHAN: THE COMPLETE GUIDE FOR YOUR HAPPY DEBT FREE L1FE

Post author By Brandon Smith
Post date August 11, 2021

We hope that you and your family are safe, healthy and secure during this COVID-19 pandemic.

Ira Smith Trustee & Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting. Through the use of video meetings, we can help you even if you do not live close to our office in the Jane Street Hwy. 7 area. It is just like we are coming to you!

The bankruptcy trustee in Vaughan: We transformed into a licensed insolvency trustee Vaughan

The bankruptcy trustee in Vaughan went through a metamorphosis similar to a caterpillar becoming a butterfly. The term “bankruptcy trustee” turned into a “licensed insolvency trustee“. The licensed insolvency trustee designation was mandated to all licensed trustees by the Industry Canada Office of the Superintendent of Bankruptcy (OSB). The OSB licenses and supervises the activities of all licensed insolvency trustees across Canada. This includes us as a licensed insolvency trustee Vaughan, Ontario.

The purpose of this Brandon blog is to offer an overview of our role in the Greater Toronto Area with our licensed insolvency trustee Vaughan insolvency trustee firm head office.

Role of a Licensed Insolvency Trustee Vaughan (formerly called Trustee in Bankruptcy Vaughan)

A licensed insolvency trustee Vaughan can fulfill various roles. It all starts with providing a no-cost consultation for a person or company that finds themselves in a troubling financial situation that worries them about their prospects for a bright financial future.

Due to the various roles, a licensed insolvency trustee Vaughan can play, we are also known as “receivers”, “trustee in bankruptcy” or “financial restructuring professionals”. We are appointed when a company or person is financially distressed and either has no other options to get out of financial difficulty and is unable to pay its bills. A licensed insolvency trustee is the only party licensed by the Government of Canada to perform a federal government-approved debt settlement plan, being a consumer proposal consolidation.

As a licensed insolvency trustee Vaughan firm, there are different roles we can play.

Find the right option with the help of a Licensed Insolvency Trustee Vaughan

Personal situation insolvency

For individuals who are insolvent, we can provide and act in the following:

A no-cost initial consultation to provide advice about debt relief.
Credit counselling. to help with your household budget and determine if you really need one of the available debt relief options.
Consumer Proposal – Toronto and GTA – Act as Consumer Proposal Administrator to conduct a Consumer Proposal Process for people who owe $250,000 or less in unsecured debts (not including any debts registered against their home) who wish to eliminate their debt and wish an alternative to bankruptcy so that they can avoid filing bankruptcy. This is a government-approved interest-free debt settlement plan that can be paid over as much as five years.
Division I Proposal – Toronto and GTA – This process is not quite as streamlined as a consumer proposal, but it is for people who wish to eliminate their debt while avoiding personal bankruptcy.
These 2 proposal remedies are the only accredited government debt relief programs in Canada.
Personal bankruptcy – Toronto and GTA – As a licensed insolvency trustee Vaughan, we can of course assist anyone who wishes filing for bankruptcy. In your no-cost consultation with us, we first get to know you and your financial situation in order to determine if you qualify for one of the bankruptcy alternatives. If not, we will discuss the entire bankruptcy process with you, including the cost of bankruptcy. If you wish to proceed, we will accept your assignment in bankruptcy.

All collection activities against you cease when you make an assignment in bankruptcy, or file a debt settlement restructuring proposal. Legal action against you may include wage garnishment, collection calls, or a legal action against you. You get legal protection as a result of the stay of proceedings afforded by an insolvency filing.

The two most common types of debt we encounter in our personal insolvency practice are credit card debt and income tax debt. We have successfully handled for clients serious negotiations with Canada Revenue Agency in order to achieve debt settlement for people with a financial history of income tax debt.

Corporate insolvency

For companies, and especially entrepreneurial family businesses that are insolvent, we can provide and act in the following:

A no-cost initial consultation to provide advice about debt restructuring options.
Restructuring & Turnarounds.
Business analysis, business review and monitoring.
Receivership – Toronto and GTA – Only a licensed insolvency trustee can act as a receiver on behalf of a secured creditor. As a licensed insolvency trustee Vaughan, we act as a privately-appointed receiver on behalf of a secured creditor. We also act as a court-appointed receiver upon the application to a court by a secured creditor or other stakeholders.
Winding-Up and Liquidator – Toronto and GTA – For solvent companies that wish to wind up operations through a legal process, we act as either privately appointed or court-appointed Liquidator.
licensed insolvency trustee vaughan

Selecting The Right Licensed Insolvency Trustee in Vaughan

Experience and professionalism

You might not find the expertise to solve your financial difficulties with someone just around the corner. You can start your search for the right Trustee by visiting the website of the Canadian Association of Insolvency and Restructuring Professionals. Both Ira Smith and Brandon Smith are members of the Canadian Insolvency and Restructuring Professional Association. It shows an individual’s commitment to staying up to date with all the latest industry advancements by belonging to this organization. Check the website of the OSB to ensure that the Trustees you are considering are not suspended or under file management by the regulator.

Interacting with them on many levels is essential

As a beginning, they must be able to quickly understand your needs and desires, as well as provide you with a realistic plan that can be followed. If you have issues or concerns, they also need to be available to you. Look for their interest in you. How enthusiastic are they about their industry? Do you really feel their compassion for you? Do you feel you are going to get along on an inter-personal basis with this person?

That’s exactly how you measure enthusiasm. The most effective solutions and suggestions will be offered by a knowledgeable insolvency trustee. You may not find this type of person within walking distance of your home or workplace.

Licensed insolvency trustee Vaughan: Are you able to agree on the same concepts?

It is not a totally free service to engage a professional trustee. The complexity of your situation could affect the bankruptcy cost. Your trust in a bankruptcy trustee is diminished if you feel they view you as just another dollar sign. Look for those who seem to have similar values to you. It may not be the closest to your home to find such a licensed insolvency trustee.

Websites for licensed insolvency trustee Vaughan

Searching for “bankruptcy trustee near me” or “licensed insolvency trustee Vaughan” on a search engine today will bring up various websites to visit. How does the website make you feel? What bankruptcy FAQs do they provide? Can you see pictures of the people you would deal with? From their blog, do they demonstrate that they have a deep knowledge base?

You can meet with more than one Trustee

Unless you sit across the table from him or her, you won’t know which one is the right fit for you. Comparing two bankruptcy trustees is a good idea. You want to be able to compare two or more for your own validation purposes. The one you feel best about is the one to go with. Trust your gut!

3 Best Licensed Insolvency Trustees in Vaughan, ON

Throughout the years my firm has been inspected for 50 points, including reviews, ratings, reputation, history, complaints, satisfaction, trust, cost, and general excellence. The results have allowed us to rank consistently among the top 3 Best Licensed Insolvency Trustees in Vaughan, ON.

Licensed insolvency trustee Vaughan summary

I hope that you found this licensed insolvency trustee Vaughan Brandon Blog helpful in describing our role as debt professionals and my thoughts on how to go about choosing the one you think is the best fit for anyone in a financial crisis. Problems will arise when you are cash-starved and in debt. There are several insolvency processes available to a person or company with too much debt.

If you are concerned because you or your business are dealing with substantial debt challenges, you need debt help and you assume bankruptcy is your only option, call me.

It is not your fault that you remain in this way. You have actually been only shown the old ways to try to deal with financial issues. These old ways do not work anymore.

The Ira Smith Team utilizes new modern-day ways to get you out of your debt difficulties with debt relief options as alternatives to bankruptcy. We can get you the relief you need and so deserve. Our professional advice will create for you a personalized debt-free plan for you or your company during our no-cost initial consultation.

The tension put upon you is big. We know your discomfort factors. We will check out your entire situation and design a new approach that is as unique as you and your problems; financial and emotional. We will take the weight off of your shoulders and blow away the dark cloud hanging over you. We will design a debt settlement strategy for you. We know that we can help you now.

We understand that people with credit cards maxed out and businesses facing financial issues need a realistic lifeline. There is no “one solution fits all” method with the Ira Smith Team. Not everyone has to file bankruptcy in Canada. The majority of our clients never do as we know the alternatives to bankruptcy. We help many people and companies stay clear of filing an assignment in bankruptcy.

That is why we can establish a new restructuring procedure for paying down debt that will be built just for you. It will be as one-of-a-kind as the economic issues and discomfort you are encountering. If any one of these seems familiar to you and you are serious about getting the solution you need to become debt-free, contact the Ira Smith Trustee & Receiver Inc. group today.

Call us now for a no-cost consultation.

We hope that you and your family are safe, healthy and secure during this COVID-19 pandemic.

Ira Smith Trustee & Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.

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