{"id":10737,"date":"2021-05-12T17:00:26","date_gmt":"2021-05-12T21:00:26","guid":{"rendered":"http:\/\/www.irasmithinc.com\/blog\/?p=10737"},"modified":"2021-05-12T14:51:22","modified_gmt":"2021-05-12T18:51:22","slug":"trustee-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/irasmithinc.com\/blog\/trustee-for-bankruptcy\/","title":{"rendered":"LICENSED INSOLVENCY TRUSTEE FOR BANKRUPTCY SIMPLE STEPS ON HOW TO AVOID BANKRUPTCY AND SAVE YOUR BUSINESS"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/NMLREAdMMKI\" width=\"860\" height=\"484\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><em><strong>licensed insolvency trustee for bankruptcy<\/strong><\/em><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">We hope that you and your family are safe, healthy and secure during this <\/span><span style=\"font-weight: 400;\">COVID-19 pandemic<\/span><span style=\"font-weight: 400;\">. Ira Smith Trustee &amp; Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.<\/span><\/p>\n<h2 id='licensed-insolvency-trustee-for-bankruptcy-on-why-businesses-go-bankrupt'  id=\"boomdevs_1\"><b><i>Licensed Insolvency Trustee for bankruptcy on why businesses go bankrupt<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In my last Brandon Blog, <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/business-bankruptcy-in-canada-2021\/\"><span style=\"font-weight: 400;\">Business Bankruptcy In Canada: Discover The Causes Of Business Insolvency And Bankruptcy<\/span><\/a><span style=\"font-weight: 400;\">, I described the causes of business insolvency, the types of business entities normally found in Canada and tips on how to pull your business around back from insolvency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Numerous businesses are battling to survive today, not to mention stay lucrative. They are scaling down or just closing their doors. They are accessing the available government support money for a business.\u00a0 Most entrepreneurs hesitate to seek the advice of a <em>licensed insolvency trustee<\/em> due to the fact that they are afraid all the <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/what-is-a-licensed-insolvency-trustee\/\"><i><span style=\"font-weight: 400;\">licensed insolvency trustee<\/span><\/i><\/a><span style=\"font-weight: 400;\"> (formerly called a <\/span><i><span style=\"font-weight: 400;\">bankruptcy trustee<\/span><\/i><span style=\"font-weight: 400;\"> or a <\/span><i><span style=\"font-weight: 400;\">trustee in bankruptcy<\/span><\/i><span style=\"font-weight: 400;\">) wants to do is be a <\/span><b><i>trustee for bankruptcy<\/i><\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this Brandon blog post, I want to continue from the suggestions from my last blog, to show you exactly how that the last point I push for is to be a<\/span><a href=\"http:\/\/www.ic.gc.ca\/eic\/site\/bsf-osb.nsf\/eng\/br03459.html\" target=\"_blank\" rel=\"noopener\"> <i><span style=\"font-weight: 400;\">trustee for bankruptcy<\/span><\/i><\/a><span style=\"font-weight: 400;\">. I first look to reorganize your business. If your business or company remains in danger because of the effect of the COVID-19 pandemic, it will certainly be advantageous for you and also your organization to do so.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I will also show how sometimes, a <\/span><i><span style=\"font-weight: 400;\">trustee for bankruptcy<\/span><\/i><span style=\"font-weight: 400;\"> or <\/span><i><span style=\"font-weight: 400;\">receivership<\/span><\/i><span style=\"font-weight: 400;\">, can actually help save parts of your business.\u00a0 The only other alternative could be to let all the business parts fail, which is the worst possible outcome.<\/span><\/p>\n<h2 id='the-role-of-a-debtor-in-bankruptcy-or-insolvency'  id=\"boomdevs_2\"><b><i>The role of a debtor in bankruptcy<\/i><\/b><b> or <\/b><b><i>insolvency<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Remember, I previously defined insolvency as a financial condition, where bankruptcy is a legal condition and a <\/span><i><span style=\"font-weight: 400;\">legal process<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 You will also recall that in my last Brandon Blog, I described the three common types of business structures in Canada; proprietorship, partnership and corporation.\u00a0 Just as these three business structures are different in form, they are also treated differently in <\/span><i><span style=\"font-weight: 400;\">insolvency vs bankruptcy<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 Here is how I differentiate the role of each debtor.<\/span><\/p>\n<p><b>Proprietorship &#8211;<\/b><span style=\"font-weight: 400;\"> Sole proprietorships are a type of business structure in which one individual is the sole owner of the business, which gives that person control over everything related to the business. This includes the business\u2019 name, structure, accounting, legal obligations and tax responsibilities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As I described last week, in Canada, the person, the sole proprietor, is carrying on business in their personal name, operating as the business name.\u00a0 You can register a sole proprietorship with the provincial government by completing an application form.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A sole proprietorship is the simplest kind of business structure. It permits an individual to sell goods or run a service with complete control of it on their own. Nonetheless, a sole proprietorship is not considered a separate legal entity from the owner.\u00a0 This means that any liabilities incurred by the business are also personal financial obligations of the owner.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So in an insolvency situation, all of the sole proprietor&#8217;s assets come into play as do all of his or her debts.\u00a0 It is not just the business assets and business liabilities.\u00a0 It is everything.\u00a0 This is the worst-case scenario for an entrepreneur.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So if the business is viable, and the personal assets and liabilities lead to the sole proprietor being in the situation where they can do a debt settlement plan, they can choose one of two options to restructure their entire personal financial situation.\u00a0 This assumes they cannot resolve their financial issues informally to bring their financial situation back to being solvent.\u00a0<\/span><\/p>\n<p><b>Partnership &#8211; <\/b><span style=\"font-weight: 400;\">A terrific way to begin a new business is teaming up with one or more people.\u00a0 All of you should enhance the group&#8217;s abilities as well as energy. Nonetheless, you also wish to be with people that are trustworthy, industrious and have a certain expertise that will help the business grow. Just like the way a proprietorship is one person, a partnership is made up of two or more people.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A partnership agreement is crucial. This is an agreement between the partners, describing the rights as well as obligations of each partner in the business.\u00a0 The same way a sole proprietor is personally responsible for the debts of the business and is putting all of their personal and business assets at risk, the same is true for partners in a business partnership.\u00a0 The partners are each liable for 100% of the business debts in case of insolvency.\u00a0 The partners cannot limit their liability to only their partnership share of the business.<\/span><\/p>\n<p><b>Corporation &#8211;<\/b><span style=\"font-weight: 400;\"> When you incorporate a business, it is a corporation. The company is a different legal entity from its owner shareholders.\u00a0 Shareholders are not responsible for the unpaid debts owed to financial institutions (normally a secured creditor), suppliers to the firm (normally an unsecured creditor) or the government. There are only two exceptions:\u00a0 (i) certain government liabilities that are a <\/span><i><span style=\"font-weight: 400;\">personal liability<\/span><\/i><span style=\"font-weight: 400;\"> of a Director; and (ii) if the entrepreneur directly guarantees a financial debt of the company, such as a company loan, then that individual will have a <\/span><i><span style=\"font-weight: 400;\">liability with respect<\/span><\/i><span style=\"font-weight: 400;\"> to such debt.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the company&#8217;s <\/span><i><span style=\"font-weight: 400;\">financial future<\/span><\/i><span style=\"font-weight: 400;\"> becomes bleak because it is insolvent, there are options.\u00a0 In my last blog, I talked about self-help remedies senior management of a company whose business is viable can try to informally bring the company back to a healthy financial state.\u00a0 You can <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/business-bankruptcy-in-canada-2021\/\"><span style=\"font-weight: 400;\">re-read that blog<\/span><\/a><span style=\"font-weight: 400;\"> to see the options available.\u00a0 If the self-help remedies do not work yet then we must look at more formal proceedings.<\/span><\/p>\n<figure id=\"attachment_10740\" aria-describedby=\"caption-attachment-10740\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\" target=\"_blank\" rel=\"https:\/\/g.page\/torontobankruptcy?share noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-10740 size-medium\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-300x169.jpg\" alt=\"trustee for bankruptcy\" width=\"300\" height=\"169\" data-wp-pid=\"10740\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-1200x675.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy.jpg 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-10740\" class=\"wp-caption-text\"><em>licensed insolvency trustee for bankruptcy<\/em><\/figcaption><\/figure>\n<h2 id='licensed-insolvencytrustee-for-bankruptcy-settle-with-creditors-and-debt-collectors-without-bankruptcy'  id=\"boomdevs_3\"><span style=\"font-weight: 400;\">\u00a0<\/span><b><i>Licensed InsolvencyTrustee for bankruptcy: Settle with creditors and debt collectors without bankruptcy<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In a proprietorship or partnership, if the underlying business is viable, then there are a variety of options to try to turn the business around yourself.\u00a0 You would use the self-help methods I described in my last blog.\u00a0 If the self-help options do not work, there are <\/span><i><span style=\"font-weight: 400;\">debt settlement<\/span><\/i><span style=\"font-weight: 400;\"> options available to the individual(s) under the <\/span><a href=\"https:\/\/laws-lois.justice.gc.ca\/eng\/acts\/b-3\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Bankruptcy and Insolvency Act<\/span><\/i><span style=\"font-weight: 400;\"> (Canada) (BIA)<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0 They would be the only government-sanctioned <\/span><i><span style=\"font-weight: 400;\">debt settlement plan<\/span><\/i><span style=\"font-weight: 400;\"> available in Canada.\u00a0 Either a <\/span><i><span style=\"font-weight: 400;\">consumer proposal<\/span><\/i><span style=\"font-weight: 400;\"> or a <\/span><i><span style=\"font-weight: 400;\">Division I Proposal<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 You can read about how each one works by clicking on the following links:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/consumer-proposal-faq\/\"><span style=\"font-weight: 400;\">CONSUMER PROPOSAL FAQ &#8211; You owe $250K or less, not including any debts registered against your personal residence<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/what-is-a-division-i-proposal-ontario\/\"><span style=\"font-weight: 400;\">DIVISION I PROPOSAL &#8211; You owe more than $250K<\/span><\/a><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In a successfully completed <\/span><i><span style=\"font-weight: 400;\">debt settlement program<\/span><\/i><span style=\"font-weight: 400;\">, the <\/span><i><span style=\"font-weight: 400;\">bankruptcy trustee<\/span><\/i><span style=\"font-weight: 400;\"> would not be a <\/span><i><span style=\"font-weight: 400;\">trustee for bankruptcy<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 Rather, the <\/span><a href=\"https:\/\/en.wikipedia.org\/wiki\/Trustee_in_bankruptcy\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">trustee in bankruptcy<\/span><\/i><\/a><span style=\"font-weight: 400;\"> would be an <\/span><i><span style=\"font-weight: 400;\">Administrator under a consumer proposal<\/span><\/i><span style=\"font-weight: 400;\"> or a <\/span><i><span style=\"font-weight: 400;\">Proposal Trustee<\/span><\/i><span style=\"font-weight: 400;\"> in the Division I Proposal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the business is not viable or the circumstances are such that a debt settlement plan is not feasible, then <\/span><i><span style=\"font-weight: 400;\">personal bankruptcy<\/span><\/i><span style=\"font-weight: 400;\"> would be the only other option.\u00a0 You can read about how <\/span><i><span style=\"font-weight: 400;\">personal bankruptcy<\/span><\/i><span style=\"font-weight: 400;\"> works by looking at our <\/span><a href=\"http:\/\/www.irasmithinc.com\/faq.html\"><span style=\"font-weight: 400;\">top 20 <\/span><i><span style=\"font-weight: 400;\">bankruptcy FAQs<\/span><\/i><span style=\"font-weight: 400;\"> section<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0 Upon the bankruptcy of the person, the sole proprietorship is automatically terminated.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since a partnership is a way of carrying on business personally, then the same insolvency options available to the partners to the business debtor are also available.\u00a0 A restructuring is always preferred over a bankruptcy when the partnership is in <\/span><i><span style=\"font-weight: 400;\">financial difficulty<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For a debt settlement insolvency filing, the <\/span><i><span style=\"font-weight: 400;\">licensed trustee<\/span><\/i><span style=\"font-weight: 400;\"> is not a <\/span><i><span style=\"font-weight: 400;\">trustee for bankruptcy.\u00a0 <\/span><\/i><span style=\"font-weight: 400;\">That is the case only if there is an actual <\/span><i><span style=\"font-weight: 400;\">bankruptcy assignment<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 Under provincial law, if a partner goes bankrupt, the partnership is automatically dissolved.<\/span><\/p>\n<h2 id='licensed-insolvency-trustee-for-bankruptcy-ask-creditors-to-help-you-avoid-bankruptcy-of-the-corporation'  id=\"boomdevs_4\"><b><i>Licensed Insolvency Trustee for bankruptcy:\u00a0 Ask creditors to help you avoid bankruptcy of the corporation<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Without wanting to sound like a broken record, you can review <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/business-bankruptcy-in-canada-2021\/\"><span style=\"font-weight: 400;\">my prior blog<\/span><\/a><span style=\"font-weight: 400;\"> to go over the self-help remedies for turning a business around, even if it is a corporation.\u00a0 A self-help remedy is always a great <\/span><i><span style=\"font-weight: 400;\">alternative to bankruptcy<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 If that isn&#8217;t appropriate, or just plain does not work, then you must get in touch with an <\/span><i><span style=\"font-weight: 400;\">insolvency trustee<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Again, if the company&#8217;s business is viable, then there are financial restructuring alternatives.\u00a0 these alternatives will be within a <em>government-regulated insolvency proceeding<\/em>.\u00a0 There are two formal restructuring statutes in Canada:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><em>Division I Proposal<\/em> under the BIA.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A restructuring <em>Plan of Arrangement<\/em> under the <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/ccaa-canada-2\/\"><i><span style=\"font-weight: 400;\">Companies&#8217; Creditors Arrangement Act<\/span><\/i><\/a><span style=\"font-weight: 400;\"> (CCAA).<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In both cases, a company should retain the services of both a <em>licensed trustee for bankrutpcy<\/em> and a bankruptcy lawyer.\u00a0 The lawyer acts as legal counsel to the company.\u00a0 The licensed trustee will be both a financial advisor and steer the company through the restructuring process.\u00a0 The CCAA option is for companies with $5 million or more of debt.\u00a0 A BIA Proposal is for a company with any amount of debt.\u00a0 The main difference between the two processes are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In a failed BIA Proposal, the debtor is immediately deemed to have filed an assignment in bankruptcy.\u00a0 This is not the case in a failed CCAA Plan of Arrangement.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A CCAA proceeding is more costly as there are many more court appearances in that forum than in a BIA restructuring.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Using one of these two statutes to gain what is called in the media &#8220;bankruptcy protection&#8221; in order to work out a successful restructuring with your unsecured creditors is always preferable.\u00a0 The company will pay less than it owes while keeping its viable but insolvent business alive.\u00a0 Don&#8217;t underestimate the power of preserving jobs in the eyes of a court.\u00a0 A <a href=\"http:\/\/www.irasmithinc.com\/blog\/bankruptcy-trustee-in-vaughan\/?relatedposts_hit=1&amp;relatedposts_origin=10737&amp;relatedposts_position=2\"><em>bankruptcy trustee<\/em><\/a> can be very helpful in obtaining great results.<\/span><\/p>\n<figure id=\"attachment_10740\" aria-describedby=\"caption-attachment-10740\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-10740\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-300x169.jpg\" alt=\"trustee for bankruptcy\" width=\"300\" height=\"169\" data-wp-pid=\"10740\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-1200x675.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy.jpg 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-10740\" class=\"wp-caption-text\"><em>licensed insolvency trustee for bankruptcy<\/em><\/figcaption><\/figure>\n<h2 id='licensed-insolvency-trustee-for-bankruptcy-when-to-consider-an-assignment-for-the-benefit-of-creditors'  id=\"boomdevs_5\"><b><i>Licensed Insolvency Trustee for bankruptcy:\u00a0 When to consider an Assignment for the Benefit of Creditors<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If the business is not viable and is insolvent, then the only thing left to consider is an <\/span><i><span style=\"font-weight: 400;\">assignment in bankruptcy filing<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 It is definitely a last resort if everything I have already spoken about in this Brandon Blog just won&#8217;t work and you have run out of options.\u00a0 Trustees in bankruptcy always consider the alternatives to bankruptcy, but sometimes <\/span><i><span style=\"font-weight: 400;\">filing bankruptcy<\/span><\/i><span style=\"font-weight: 400;\"> is the only option available.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the case of a proprietorship or partnership, it is the individual sole proprietor and one or more of the partners who will be meeting with a <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/trustee-bankruptcies\/\"><i><span style=\"font-weight: 400;\">trustee in bankruptcy<\/span><\/i><\/a><span style=\"font-weight: 400;\"> and filing for a personal <\/span><i><span style=\"font-weight: 400;\">type of bankruptcy<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 the <\/span><i><span style=\"font-weight: 400;\">personal bankruptcy trustee<\/span><\/i><span style=\"font-weight: 400;\"> will administer the personal <\/span><i><span style=\"font-weight: 400;\">bankruptcy estate<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 Again, you can read up on personal bankruptcy by looking at our<\/span><a href=\"http:\/\/www.irasmithinc.com\/faq.html\"><span style=\"font-weight: 400;\"> top 20 personal bankruptcy FAQs<\/span><\/a><span style=\"font-weight: 400;\"> section.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In personal bankruptcies, it will be either a streamlined system called a Summary Administration and if not, it is then an <\/span><i><span style=\"font-weight: 400;\">ordinary administration bankruptcy<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 Unlike a company, a person is ultimately entitled to a <\/span><i><span style=\"font-weight: 400;\">bankruptcy discharge<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When it comes to the <\/span><i><span style=\"font-weight: 400;\">administration of bankruptcy<\/span><\/i><span style=\"font-weight: 400;\"> for a corporation, it is always an <\/span><i><span style=\"font-weight: 400;\">ordinary administration bankruptcy<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 The purpose of this Brandon Blog is not to run through all the steps in a personal or corporate <\/span><i><span style=\"font-weight: 400;\">bankruptcy process<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 Above I have provided some links to read up on debt settlement restructuring and personal bankruptcy.\u00a0 For corporate bankruptcy, I recommend that you read our corporate website page on <\/span><a href=\"http:\/\/www.irasmithinc.com\/bankruptcy_services-corporate_corporate-bankruptcy.html\"><span style=\"font-weight: 400;\">corporate bankruptcy<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alternatively, you can also read my previous Brandon Blog <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/?s=corporate+bankruptcy\"><span style=\"font-weight: 400;\">Bankrupting a Limited Company:\u00a0 Canadian Corporate Bankruptcy Process<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A <em>trustee for bankruptcy<\/em> administers the bankruptcy process for the benefit of unsecured creditors.\u00a0 Sometimes, it is a secured creditor who needs to enforce their security.\u00a0 They do not necessarily need the company to meet with a <\/span><i><span style=\"font-weight: 400;\">trustee for bankruptcy<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 Rather, the<\/span><i><span style=\"font-weight: 400;\"> secured creditor<\/span><\/i><span style=\"font-weight: 400;\"> needs the <\/span><i><span style=\"font-weight: 400;\">appointment of trustee<\/span><\/i><span style=\"font-weight: 400;\"> to act not in a bankruptcy administration, but rather, to act as a receiver or receiver-manager to enforce the secured creditor&#8217;s position by taking control of the assets subject to the security and ultimately selling them. \u00a0 To read the receivership process, you can read the <\/span><a href=\"http:\/\/www.irasmithinc.com\/bankruptcy_services-corporate_receivership-and-bankruptcy.html\"><span style=\"font-weight: 400;\">receivership section of our corporate website<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can also read my Brandon Blog titled<\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/what-is-a-receivership\/\"><span style=\"font-weight: 400;\"> What Is A Receivership?\u00a0 Our Complete Guide To Receivership Solutions<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2 id='licensed-insolvency-trustee-for-bankruptcy-how-to-avoid-bankruptcy-and-save-your-business-from-closing'  id=\"boomdevs_6\"><b><i>Licensed Insolvency Trustee for bankruptcy:\u00a0 How to avoid bankruptcy and save your business from closing<\/i><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">I hope you enjoyed the <\/span><i><span style=\"font-weight: 400;\">licensed insolvency trustee for bankruptcy<\/span><\/i><span style=\"font-weight: 400;\"> Brandon Blog post. Are you worried because you or your business are dealing with substantial debt challenges 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The<\/span><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\"> Ira Smith Team<\/span><\/a><span style=\"font-weight: 400;\"> utilizes new modern-day ways to get you out of your debt difficulties while avoiding<\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/bankruptcy-alternative\/\"><i><span style=\"font-weight: 400;\"> bankruptcy<\/span><\/i><\/a><span style=\"font-weight: 400;\">. We can get you the relief you need and so deserve.\u00a0 As you can see from this blog, we are not just a <em>trustee for bankruptcy<\/em>.\u00a0 We believe every person and business should first explore debt settlement to avoid bankruptcy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We understand that people and businesses facing financial issues need a realistic lifeline. There is no \u201cone solution fits all\u201d method with the<\/span><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\"> Ira Smith Team<\/span><\/a><span style=\"font-weight: 400;\">. Not everyone has to <\/span><i><span style=\"font-weight: 400;\">file bankruptcy in Canada<\/span><\/i><span style=\"font-weight: 400;\">. The majority of our clients never do. We help many people and companies stay clear of <\/span><i><span style=\"font-weight: 400;\">bankruptcy<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is why we can establish a new restructuring procedure for <\/span><i><span style=\"font-weight: 400;\">paying down debt<\/span><\/i><span style=\"font-weight: 400;\"> 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,<\/span><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\"> contact the Ira Smith Trustee &amp; Receiver Inc. group today<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\">Call us now for a no-cost consultation<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We will get you or your business back up driving to healthy and balanced trouble-free operations and get rid of the discomfort factors in your life, <\/span><i><span style=\"font-weight: 400;\">Starting Over, Starting Now<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">We hope that you and your family are safe, healthy and secure during this <\/span><i><span style=\"font-weight: 400;\">COVID-19 pandemic<\/span><\/i><span style=\"font-weight: 400;\">. Ira Smith Trustee &amp; Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.<\/span><\/p>\n<figure id=\"attachment_10740\" aria-describedby=\"caption-attachment-10740\" style=\"width: 580px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-10740\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-1024x576.jpg\" alt=\"trustee for bankruptcy\" width=\"580\" height=\"326\" data-wp-pid=\"10740\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-1200x675.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/trustee-for-bankruptcy.jpg 1280w\" sizes=\"auto, (max-width: 580px) 100vw, 580px\" \/><\/a><figcaption id=\"caption-attachment-10740\" class=\"wp-caption-text\"><em>licensed insolvency trustee for bankruptcy<\/em><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>licensed insolvency trustee for bankruptcy We hope that you and your family are safe, healthy and secure during this COVID-19 pandemic. Ira Smith Trustee &amp; Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting. Licensed Insolvency Trustee for bankruptcy on why businesses [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[690,5046,5048,666,16,4332,2042,233,34,5040,362,6,361,3975,5044,5047,5049,5042,863,4935,5043,990,36,4270,5041,5045,5038,5039],"class_list":["post-10737","post","type-post","status-publish","format-standard","hentry","category-brandon-blog-post","tag-alternative-to-bankruptcy","tag-ask-creditors-to-help-you-avoid-bankruptcy-of-the-corporation","tag-assignment-for-the-benefit-of-creditors","tag-assignment-in-bankruptcy","tag-bankruptcy-and-insolvency-act","tag-bankruptcy-assignment","tag-bankruptcy-discharge","tag-bankruptcy-faqs","tag-bankruptcy-trustee","tag-business-insolvency","tag-companies-creditors-arrangement-act","tag-consumer-proposal","tag-division-i-proposal","tag-financial-difficulty","tag-financial-future","tag-government-regulated-insolvency-proceeding","tag-how-to-avoid-bankruptcy-and-save-your-business-from-closing","tag-insolvency-vs-bankruptcy","tag-ira-smith-trustee","tag-legal-process","tag-liability-with-respect","tag-licensed-insolvency-trustee","tag-licensed-trustee","tag-plan-of-arrangement","tag-role-of-a-debtor-in-bankruptcy-or-insolvency","tag-settle-with-creditors-and-debt-collectors-without-bankruptcy","tag-trustee-for-bankruptcy","tag-why-businesses-go-bankrupt"],"_links":{"self":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/10737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/comments?post=10737"}],"version-history":[{"count":5,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/10737\/revisions"}],"predecessor-version":[{"id":10748,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/10737\/revisions\/10748"}],"wp:attachment":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/media?parent=10737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/categories?post=10737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/tags?post=10737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}