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What is commercial bankruptcy?

Commercial bankruptcy is a legal process available to directors and business owners to put a definitive end to financial difficulties. This solution is considered when debt problems persist and other measures have proven to be ineffective.

By law, a Licensed Insolvency Trustee (LIT) is the only professional authorized to administer a commercial bankruptcy.

When to consider a company bankruptcy?

 

Corporate bankruptcy may be considered when the capital to restart a company is lacking, when profit expectations are put into doubt, or when the directors lack the desire to continue their commercial activities. A company in a difficult financial situation can resort to the services of a Ginsberg Gingras Licensed Insolvency Trustee for an orderly resolution.

An insolvent company is a major stress factor for its directors and owners. For some, bankruptcy is the way to put an end to the situation and allow them to rediscover a quality of life without financial worries. In some cases, owners or directors want to avoid commercial bankruptcy at all costs. Regardless of the solution you are looking for, our trustees will guide you through the process of resolving your company’s financial problems. Their goal is to advise you so that you can make the best possible decision under the circumstances.

The advantages of commercial bankruptcy

Orderly liquidation.

Possibility of selling the company or its assets through the trustee.

Process regulated by the Act.

Suspension of unsecured creditors’ procedures.

Complete and rapid management. We take care of everything.

 

When bankruptcy is the solution to your situation, you can rest easy knowing that our trustees will take care of everything. From the first consultation, they will review the financial situation of the company and the directors’ or owner’s goals. They will explain the procedures to follow and will answer the following questions :

  • What are your liabilities as director?
  • Should you personally repay the debts of your company?
  • What will happen to the inventory and assets of the company?
  • What will happen to the employees?

As soon as the bankruptcy process has begun, the Ginsberg Gingras trustee’s role will consist of liquidating company inventory, supervising the end of operations, and distributing revenue among the creditors. These steps happen very rapidly to allow the directors to escape the situation as soon as possible.

The risks of letting the situation stagnate

Seek assistance at the first sign of financial difficulties. By acting quickly, Ginsberg Gingras may even help you avoid company bankruptcy.

If you are considering company bankruptcy, we can also guide you through the process.

Regardless of your needs, our professionals are quickly available to meet discreetly with you.

Contact one of our advisors if you are considering a company restructuring.

At any time, they are available to answer your questions and help you make the right decision.

Fill out our quick financial analysis form or the appointment form that follows for a consultation.

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