{"id":11053,"date":"2021-08-18T22:00:58","date_gmt":"2021-08-19T02:00:58","guid":{"rendered":"http:\/\/www.irasmithinc.com\/blog\/?p=11053"},"modified":"2021-08-18T21:26:53","modified_gmt":"2021-08-19T01:26:53","slug":"what-does-receivership-mean","status":"publish","type":"post","link":"https:\/\/irasmithinc.com\/blog\/what-does-receivership-mean\/","title":{"rendered":"WHAT DOES RECEIVERSHIP MEAN FOR 1 BETTER GUARANTOR BANKRUPTCY DISCHARGE"},"content":{"rendered":"<p style=\"text-align: center;\">We hope that you and your family are safe, healthy and secure during this COVID-19 pandemic.<\/p>\n<p style=\"text-align: center;\"><em><a href=\"http:\/\/www.irasmithinc.com\/index.html\">Ira Smith Trustee &amp; Receiver Inc.<\/a><\/em>\u00a0is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/MjQddG5VmrM\" width=\"860\" height=\"484\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><strong><em>what does receivership mean\u00a0<\/em><\/strong><\/p>\n<h2 id='what-does-receivership-mean-receivership-is-for-secured-claims'  id=\"boomdevs_1\"><em><strong>What does receivership mean:\u00a0 Receivership is for secured claims<\/strong><\/em><\/h2>\n<p><em><strong>What does receivership mean?<\/strong><\/em>\u00a0 A <a href=\"http:\/\/www.irasmithinc.com\/blog\/what-is-receivership-receivership-order\/?relatedposts_hit=1&amp;relatedposts_origin=11053&amp;relatedposts_position=1\"><em>receivership<\/em><\/a> is an enforcement proceeding that helps secured creditors recover <em>secured debts<\/em> on\u00a0<em>debtor def<\/em><em>aults<\/em> <em>on loan payments<\/em> from troubled companies.\u00a0 There are two types of receivers and receiverships:\u00a0 <em>Privately-appointed receivers<\/em> and <em>court-appointed receivers<\/em>.<\/p>\n<p>As you can tell from the title of this Brandon Blog, I am not going to be writing about receiverships.\u00a0 You can take a look at my April 14, 2021, Brandon Blog titled &#8220;<a href=\"http:\/\/www.irasmithinc.com\/blog\/what-is-a-receivership\/\">WHAT IS A RECEIVERSHIP? OUR COMPLETE GUIDE TO RECEIVERSHIP SOLUTIONS<\/a>&#8221; to read all about what receiverships are.<\/p>\n<p><em>What does receivership mean<\/em>?\u00a0 It is a remedy for secured creditors.<\/p>\n<p>I want to go through two more concepts quickly, and then I will get to what I really want to talk to you about today.<\/p>\n<h2 id='what-does-receivership-mean-bankruptcy-vs-receivership'  id=\"boomdevs_2\"><em><strong>What does receivership mean:\u00a0 Bankruptcy vs. receivership<\/strong><\/em><\/h2>\n<p>Despite the fact that <em>receivership<\/em> and <em>bankruptcy<\/em> sometimes get used interchangeably, they are not the same thing.\u00a0 A<em> bankruptcy proceeding<\/em> and a <em>receivership proceeding<\/em> are both legal actions conducted under the <em>Bankruptcy and Insolvency Act<\/em> (Canada) (BIA) and governed by the <a href=\"http:\/\/strategis.ic.gc.ca\/epic\/internet\/inbsf-osb.nsf\/en\/Home\" target=\"_blank\" rel=\"noopener\"><em>Office of the Superintendent of Bankruptcy (OSB)<\/em><\/a>.\u00a0 According to the <em>BIA<\/em>, either a <em>receiver<\/em> or a <em>bankruptcy trustee<\/em> in Canada needs to be a <em>licensed insolvency trustee<\/em>, whose license is granted and whose actions are supervised by the federal government&#8217;s <em>OSB<\/em>.<\/p>\n<p>Here is where the similarities end.\u00a0 In a<em> receivership<\/em>, a <em>secured creditor<\/em> would either hire a <em>receiver<\/em> privately or ask a court to place a <em>company into receivership<\/em> and appoint one to liquidate the collateral they have against the debtor.\u00a0 According to the <em>Canadian bankruptcy process<\/em>, either the person or <em>company voluntary<\/em> <em>files for bankruptcy<\/em> with a <em>licensed insolvency practitioner<\/em>, or one or more <em>unsecured creditors<\/em> apply to the Court for the appointment of an <em>insolvency trustee<\/em> to administer the <em>bankruptcy Estate<\/em>.<\/p>\n<p><em>Licensed insolvency trustees<\/em> are needed in both cases.\u00a0 The <em>receivership procedure<\/em> is a secured creditor&#8217;s remedy and <em>bankruptcy<\/em> is an <em>unsecured creditor<\/em>&#8216;s remedy.\u00a0 To read up more on the bankruptcy process, look at my September 30, 2020, Brandon Blog &#8220;<a href=\"http:\/\/www.irasmithinc.com\/blog\/?s=bankruptcy+faq\">DECLARE BANKRUPTCY: A COMPLETE GUIDE ON WHAT IS IT LIKE TO DECLARE BANKRUPTCY<\/a>&#8220;.<\/p>\n<p><em>What does receivership mean<\/em>?\u00a0 Not the same as bankruptcy.<\/p>\n<figure id=\"attachment_11058\" aria-describedby=\"caption-attachment-11058\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-11058\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-300x169.jpg\" alt=\"what does receivership mean\" width=\"300\" height=\"169\" data-wp-pid=\"11058\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-1200x675.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean.jpg 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-11058\" class=\"wp-caption-text\"><em>what does receivership mean<\/em><\/figcaption><\/figure>\n<h2 id='employee-rights-in-bankruptcy-protection-and-bankruptcy\u2044receivership'  id=\"boomdevs_3\"><em><strong>Employee Rights in Bankruptcy Protection and Bankruptcy\u2044Receivership<\/strong><\/em><\/h2>\n<p><em>Bankruptcy protection<\/em> can be gained to try to make a <em>troubled company stable<\/em> and then return the <em>company to profitability<\/em> by filing pursuant to either the <em>BIA<\/em> or the <em>Companies&#8217; Creditors Arrangement Act (CCAA)<\/em>, employees retain their right to <em>unpaid wages<\/em>, <em>vacation pay<\/em>, and <em>severance or termination pay<\/em>.\u00a0 There is no difference between filing and not filing.\u00a0 They are <em>unsecured creditors<\/em> of a <em>troubled company<\/em>, and the <em>company directors<\/em> are personally responsible for amounts owed to employees.<\/p>\n<p>For the company in receivership or bankruptcy, the employees do have greater rights.\u00a0 The receiver of a company in receivership must register with Service Canada under the <em><a href=\"https:\/\/laws.justice.gc.ca\/eng\/acts\/W-0.8\/index.html\" target=\"_blank\" rel=\"noopener\">Wage Earner Protection Program Act<\/a><\/em> (<em>WEPPA<\/em>) for the <em>Wage Earner Protection Program<\/em>.\u00a0 This program provides some compensation to eligible employees who are owed money by a bankrupt or receivership company.<\/p>\n<p>To read more about WEPPA, take a look at my February 10, 2020 Brandon Blog, &#8220;<a href=\"http:\/\/www.irasmithinc.com\/blog\/severance-pay-ontario-barrymore-furniture\/\">SEVERANCE PAY ONTARIO &amp; BANKRUPTCY-BARRYMORE FURNITURE UNPAID WORKERS ANGRY<\/a>&#8220;.<\/p>\n<p>So <em>what does <a href=\"http:\/\/www.irasmithinc.com\/blog\/receivership-meaning\/?relatedposts_hit=1&amp;relatedposts_origin=11053&amp;relatedposts_position=0\">receivership mean<\/a><\/em> to an employee with unpaid wages?\u00a0 It means they can claim a priority and get paid by Service Canada.<\/p>\n<h2 id='what-does-receivership-mean-receivership-a-typical-appointment'  id=\"boomdevs_4\"><strong><em>What does receivership mean<\/em>:<em>\u00a0 Receivership &#8211; a typical appointment<\/em><\/strong><\/h2>\n<p>Now I will get to what this Brandon Blog is actually about.\u00a0 In Canada, it is the norm for <em>secured creditors<\/em> advancing loans secured against <em>company assets<\/em>, to also take a <em>personal guarantee<\/em> on the same debt from the principals of the company.\u00a0 In all entrepreneurial companies in Canada, that is at least the president running company affairs.\u00a0 If the lender-secured<em>\u00a0creditor<\/em> <em>suffers a shortfall<\/em> from the liquidation of the <em>company assets<\/em>, the lender then looks to the guarantor(s) of the company debt to make good on the lender&#8217;s loss.\u00a0 Many times the company president\/guarantor has no choice but to file <em>consumer bankruptcy<\/em>.<\/p>\n<p>I was involved in a <em>bankruptcy discharge hearing<\/em> for one of our personal bankrupts in April 2021.\u00a0 He caused his company, being its sole Director, to <em>file for bankruptcy<\/em> with another Trustee.\u00a0 That same Trustee was also appointed as the company&#8217;s <em>private receiver<\/em> by the <em>secured creditor<\/em>.\u00a0 The company president provided the <em>secured creditor<\/em> with a <em>personal guarantee<\/em>.<\/p>\n<p>Realizing that they would suffer a shortfall from the company situation, rather than suing on their <em>personal guarantee<\/em>, they approached us to consent to act as the Trustee in a<em> Bankruptcy Application<\/em> against the company president.\u00a0 We consented and the company president ultimately consented to a <em>Bankruptcy Order<\/em> being made to put him into bankruptcy with my Firm as the Trustee.<\/p>\n<figure id=\"attachment_11058-2\" aria-describedby=\"caption-attachment-11058-2\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-11058\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-300x169.jpg\" alt=\"what does receivership mean\" width=\"300\" height=\"169\" data-wp-pid=\"11058\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-1200x675.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean.jpg 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-11058-2\" class=\"wp-caption-text\"><em>what does receivership mean<\/em><\/figcaption><\/figure>\n<h2 id='what-does-receivership-mean-the-bankruptcy-of-the-guarantor'  id=\"boomdevs_5\"><strong><em>What does receivership mean<\/em>:\u00a0 The bankruptcy of the guarantor<\/strong><\/h2>\n<p>We administered the <em>consumer bankruptc<\/em>y.\u00a0 There were some assets to realize upon which we did.\u00a0 One realization required <em>court approval<\/em> as we were selling seat licenses and the right to purchase tickets for the Toronto Maple Leafs to a related party.\u00a0 The bankrupt person&#8217;s largest single consumer creditor was <em>Canada Revenue Agency<\/em> for <em>unpaid income tax<\/em>.\u00a0 The company in receivership was also a creditor as the president owed the company money.\u00a0 The <em>secured creditor<\/em> of the company was also an <em>unsecured creditor<\/em> of his in his <em>personal bankruptcy<\/em> for the <em>personal guarantee<\/em> on the shortfall.<\/p>\n<p>The known creditors each filed their respective <em>proof of claim<\/em> in his bankruptcy, including the company by its <em>privately-appointed receiver<\/em>.\u00a0 We believed that the company by its receiver was a creditor for the amount of the <em>shareholder loan<\/em> owing to the company. The <em>proof of claim<\/em> they filed was for a much larger amount. As Trustee, we neither admitted nor disallowed any proofs of claim filed in this bankruptcy estate. The Trustee would have to take a cold hard look at the receiver&#8217;s <em>proof of claim<\/em> at some future date it is determined that a dividend will be paid to the creditors in this <em>bankruptcy estate<\/em>, which is highly unlikely.<\/p>\n<h2 id='what-does-receivership-mean-the-receiver-opposes-a-bankruptcy-discharge'  id=\"boomdevs_6\"><em><strong>What does receivership mean:\u00a0 The receiver opposes a bankruptcy discharge<\/strong><\/em><\/h2>\n<p>Only one <em>unsecured creditor<\/em> opposed the <em>bankrupt&#8217;s discharge<\/em>. \u00a0That was the <em>receiver<\/em>, or more correctly, the <em>company in receivership<\/em> by its <em>privately-appointed receiver<\/em>. \u00a0The <em>Trustee<\/em> had not opposed. \u00a0The lender, as an <em>unsecured creditor<\/em>, did not oppose either along with the other consumer creditors.<\/p>\n<p>As I mentioned, in April 2021, the <em>discharge hearing<\/em> was held before the Master sitting as Registrar in<em> Bankruptcy Court<\/em>. \u00a0The court raised a novel issue. \u00a0Does the <em>receiver<\/em> have the standing to oppose the <em>bankrupt\u2019s discharge<\/em>? \u00a0The court allowed the hearing to be completed and allowed the parties to file further submissions, subsequent to the hearing, on this issue. Submissions were received from us, the<br \/>\nTrustee and from the Receiver in mid-May, 2021. The <em>bankrupt<\/em> took no position on the issue.<\/p>\n<figure id=\"attachment_11058-3\" aria-describedby=\"caption-attachment-11058-3\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-11058\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-300x169.jpg\" alt=\"what does receivership mean\" width=\"300\" height=\"169\" data-wp-pid=\"11058\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-1200x675.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean.jpg 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-11058-3\" class=\"wp-caption-text\"><em>what does receivership mean<\/em><\/figcaption><\/figure>\n<h2 id='does-the-receiver-have-standing-to-oppose-the-bankrupt-s-discharge'  id=\"boomdevs_7\"><strong>Does the Receiver have standing to oppose the bankrupt\u2019s discharge?<\/strong><\/h2>\n<p>Here is what I wrote to the court.<\/p>\n<p>The <em>security documents<\/em> under which a <em>privately-appointed receiver<\/em> is appointed will determine if an unsecured amount owing by a bankrupt debtor is an asset secured by security held by a creditor over the assets of another party. If so, then the <em>privately-appointed receiver<\/em> has the right to file a <em>proof of claim<\/em> in the debtor\u2019s bankruptcy as part of attempting to realize upon that asset forming part of the secured creditor\u2019s <em>collateral<\/em>.<\/p>\n<p>In doing so, the <em>privately-appointed receive<\/em>r is acting as <em>Agent for the secured creditor<\/em>. If the <em>privately-appointed receiver<\/em> files a <em>proof of claim<\/em> in the bankruptcy that is not disallowed by the <em>licensed insolvency trustee<\/em> administering the <em>bankruptcy estate<\/em>, then, in order to oppose the discharge of the bankrupt, the <em>privately-appointed receiver<\/em> must also be able to be the <em>Agent for the debtor<\/em> in <em>receivership<\/em>.<\/p>\n<p>If the <em>security<\/em> under which the <em>privately-appointed receiver<\/em> is appointed allows for that receiver to operate the business of the <em>debtor in receivership<\/em>, then that receiver has the ability to be an <em>Agent of the debtor in receivership<\/em> and bring a claim in the name of that debtor.<\/p>\n<p>In this matter, of the various pieces of security held by the secured creditor, only the <em>General Security Agreement<\/em>\u00a0(the \u201cGSA\u201d), allows a<em> receiver<\/em> appointed in writing under it to operate the business of the <em>debtor company<\/em>. \u00a0Under the<em> GSA<\/em>, the <em>privately-appointed receiver<\/em> has the ability to act as both <em>Agent of the secured creditor<\/em> and <em>Agent of the company<\/em>. The <em>appointment letter<\/em> appointing the receiver confirms that the appointment is under all security held, including the <em>GSA<\/em>.<\/p>\n<p>Therefore, my opinion was that although we have concerns about the amount being claimed, the receiver has the ability to both file a <em>proof of claim<\/em> in this <em>bankruptcy<\/em> and <em>oppose the discharge<\/em> of the bankrupt as an Agent of the company. I believed it aided the administration of this bankruptcy to allow the receiver to oppose because it is able to draw the attention of the court to conduct of the bankrupt of which the court otherwise might not be aware of.<\/p>\n<p>Finally, I advised the court that if there still was concern that it is formal defect or irregularity section 187(9) of the BIA, the court can determine that such formal defect or irregularity will not invalidate the opposition to the <em>discharge of the bankrup<\/em>t.<\/p>\n<h2 id='what-the-bankruptcy-court-decided'  id=\"boomdevs_8\"><strong>\u00a0What the bankruptcy court decided<\/strong><\/h2>\n<p>The court accepted our submission and agreed with it.\u00a0 The court continued to be skeptical of the amount of the company&#8217;s proof of claim filed by the receiver.\u00a0 The court noted that as Trustee, I reported that the bankrupt has fulfilled all statutory duties. Income and expense statements were provided and there was no surplus income payable.<\/p>\n<p>On a general perusal of the Trustee\u2019s s. 170 report, the Trustee does not report any significant misconduct or concerns but reserved its rights as to its position on the discharge pending the hearing and matters disclosed therein. In the court&#8217;s view, the Trustee\u2019s non-opposition to discharge is a factor favouring the bankrupt\u2019s discharge.\u00a0 After considering all facts, the court gave the bankrupt an absolute discharge from bankruptcy.<\/p>\n<figure id=\"attachment_11058-4\" aria-describedby=\"caption-attachment-11058-4\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-11058\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-300x169.jpg\" alt=\"what does receivership mean\" width=\"300\" height=\"169\" data-wp-pid=\"11058\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-1200x675.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean.jpg 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-11058-4\" class=\"wp-caption-text\"><em>what does receivership mean<\/em><\/figcaption><\/figure>\n<h2 id='what-does-receivership-mean-summary'  id=\"boomdevs_9\"><em><strong>What does receivership mean summary<\/strong><\/em><\/h2>\n<p>I hope that you found this\u00a0<em>what does receivership mean <\/em>Brandon Blog helpful in describing the role of a privately appointed receiver especially in <em>opposing the discharge<\/em> of the b<em>ankrupt guarantor<\/em> of the company&#8217;s<em> secured debt<\/em>. 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. You may not need to <a href=\"http:\/\/www.irasmithinc.com\/blog\/how-to-file-for-bankruptcy-in-canada-personal-bankruptcy\/?relatedposts_hit=1&amp;relatedposts_origin=11044&amp;relatedposts_position=1\"><em>file for bankruptcy<\/em><\/a>.<\/p>\n<p>If you are concerned because you or your business are dealing with substantial debt challenges, you need debt help and you assume\u00a0<em>bankruptcy<\/em>\u00a0is your only option, call me.<\/p>\n<p>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.<\/p>\n<p>The<a>\u00a0Ira Smith Team<\/a>\u00a0utilizes new modern-day ways to get you out of your debt difficulties with\u00a0<em>debt relief options<\/em>\u00a0as an<a>\u00a0<strong><em>alternative to bankruptcy<\/em><\/strong><\/a>. We can get you the relief you need and so deserve. Our\u00a0<em>professional advice<\/em>\u00a0will create for you a personalized debt-free plan for you or your company during our no-cost initial consultation.<\/p>\n<p>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\u00a0<a><em>debt settlement<\/em><\/a>\u00a0strategy for you. We know that we can help you now.<\/p>\n<p>We understand that people with\u00a0<em>credit cards maxed out<\/em>\u00a0and businesses facing financial issues need a realistic lifeline. There is no \u201cone solution fits all\u201d method with the<a>\u00a0Ira Smith Team<\/a>. Not everyone has to\u00a0<em>file bankruptcy in Canada<\/em>. The majority of our clients never do as we know the\u00a0<em>alternatives to bankruptcy<\/em>. We help many people and companies stay clear of filing an\u00a0<em>assignment in bankruptcy<\/em>.<\/p>\n<p>That is why we can establish a new restructuring procedure for\u00a0<em>paying down debt<\/em>\u00a0that 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\u00a0<em>debt-free<\/em>,<a>\u00a0<strong>contact the\u00a0<em>Ira Smith Trustee &amp; Receiver Inc.<\/em>\u00a0group today<\/strong><\/a>.<\/p>\n<p><a><strong>Call us now for a\u00a0<em>no-cost consultation<\/em><\/strong><\/a>.<\/p>\n<p style=\"text-align: center;\">We hope that you and your family are safe, healthy and secure during this COVID-19 pandemic.<\/p>\n<p style=\"text-align: center;\"><em><a href=\"http:\/\/www.irasmithinc.com\/index.html\">Ira Smith Trustee &amp; Receiver Inc.<\/a><\/em>\u00a0is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.<\/p>\n<figure id=\"attachment_11058-5\" aria-describedby=\"caption-attachment-11058-5\" style=\"width: 580px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-11058\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-1024x576.jpg\" alt=\"what does receivership mean\" width=\"580\" height=\"326\" data-wp-pid=\"11058\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-1200x675.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/08\/what-does-receivership-mean.jpg 1280w\" sizes=\"auto, (max-width: 580px) 100vw, 580px\" \/><\/a><figcaption id=\"caption-attachment-11058-5\" class=\"wp-caption-text\"><em>what does receivership mean<\/em><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>We hope that you and your family are safe, healthy and secure during this COVID-19 pandemic. Ira Smith Trustee &amp; Receiver Inc.\u00a0is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting. what does receivership mean\u00a0 What does receivership mean:\u00a0 Receivership is for secured claims What [&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":[5,2699,5527,56,5526,274,439,5365,576,362,5535,5530,5531,428,1260,5524,5532,5529,465,1163,5538,5525,89,5536,5522,5528,2511,5523,5534,5533,11,5537,1069,92,93,91,5521],"class_list":["post-11053","post","type-post","status-publish","format-standard","hentry","category-brandon-blog-post","tag-bankruptcy","tag-bankruptcy-and-insolvency-act-canada","tag-bankruptcy-proceeding","tag-bankruptcy-protection","tag-bankruptcy-vs-receivership","tag-bia","tag-canada-revenue-agency","tag-canadian-bankruptcy-process","tag-ccaa","tag-companies-creditors-arrangement-act","tag-company-directors","tag-company-into-receivership","tag-company-voluntary-files-for-bankruptcy","tag-court-appointed-receivership","tag-debtor","tag-defaults-on-loan-payments","tag-employee-rights-in-bankruptcy-protection-and-bankruptcyreceivership","tag-licensed-insovency-trustee","tag-office-of-the-superintendent-of-bankruptcy","tag-osb","tag-personal-guarantee","tag-privately-appointed-receivers","tag-receivership","tag-receivership-a-typical-appointment","tag-receivership-is-for-secured-claims","tag-receivership-proceeding","tag-secured-creditor","tag-secured-debts","tag-troubled-company","tag-troubled-company-stable","tag-trustee","tag-unpaid-income-tax","tag-unsecured-creditors","tag-wage-earner-protection-program","tag-wage-earner-protection-program-act","tag-weppa","tag-what-does-receivership-mean"],"_links":{"self":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/11053","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=11053"}],"version-history":[{"count":5,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/11053\/revisions"}],"predecessor-version":[{"id":11061,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/11053\/revisions\/11061"}],"wp:attachment":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/media?parent=11053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/categories?post=11053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/tags?post=11053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}