Solutions

August 2019

Holidays on credit card: not a good idea

In a world where everything is always moving fast and/or where our schedules are overloaded, we often equate summertime vacation time. Whether as a family, as a couple, or solo, during the summertime we often daydream about holiday destinations of all kinds to decompress and rediscover ourselves. Since money may not have been put away over the past year for a vacation, consumers often rely on their credit cards to pay for their trips. (more…)

February 2019

GGA-Blogue-SAIjguement-EN

why licensed insolvency trustees do not pass judgment

During his or her career, a Licensed Insolvency Trustee (LIT) will meet many individuals. Although they all experience financial difficulties, each one has a situation and a story of his or her own. Some of them are ashamed of requiring the services of a LIT and revealing their financial problems. In some cases, they have even hesitated to consult a professional for fear of being judged. (more…)

January 2019

GGA-Blogue-portefeuilleSante-EN

Healthy Finances: The New Year’s Resolution

The holiday season has just ended and the New Year has truly started! For many consumers, the month of January is ideal for making life changes. The season of new resolutions is in full swing. The possibilities for resolution are endless and distinctive to all of us: losing weight, stop smoking, reducing alcohol consumption, being happier, taking time for yourself and your family, working less etc.… (more…)

November 2018

February 2018

Disposition of assets

Disposition of assets in a bankruptcy, a proposal (Division I), or a notice of intent

The Act goes into some detail about how various interested people may dispose of property, depending on the context. These people are the Licensed Insolvency Trustee (LIT) in cases of bankruptcy and the debtor in cases of proposals (including the intent). Issues differ from one situation to another. (more…)

January 2018

November 2017

The 21 days before the meeting of creditors

21 Days Before the Meeting of Creditors

A creditors’ meeting is convened by the Licensed Insolvency Trustee (LIT) within 21 days following an assignment in bankruptcy (except in the case of summary administration). Once appointed, the LIT must take all necessary steps to administer the file until the first creditors’ meeting is held. Here are the statutory obligations of an LIT up to the creditors’ meeting. (more…)

September 2017

Application for a receiving order

Application for a receiving order: Declaring a Corporate Entity Bankrupt

A corporate entity owes you $1,000 or more. Are payments no longer received as they are due? Has property been transferred, or intention to commit fraud demonstrated? To recover a sum of money, you have recourse to the Bankruptcy and Insolvency Act (BIA) by submitting an application for a bankruptcy order. According to the BIA, it is possible to file an application against any corporate entity incorporated in Canada or that has facilities, activities, or goods in Canada. To file this application, unsecured creditors must allege that the debtor Owes more than $1,000; and Has committed an act of bankruptcy within the six (6) months preceding the filing of the application. The court may then issue a bankruptcy order at its own discretion to [...]

May 2017

Director's limited liability

Directors of an insolvent company: Is limited liability a myth?

We have previously discussed the director’s liability (Quebec – Ontario). But what options are available to limit their liability? Here are possible solutions for six types of responsibilities that may be placed on the director of an insolvent company. 1- Fiscal liability of directors This responsibility is a result of tax law. It includes situations in which the company fails to pay amounts owed for GST/HST, QST, and source deductions. In Quebec, amounts owed to the CNESST must also be included. In Ontario, outstanding amounts for WSIB and Employer Health Tax may also be claimed against the director of an insolvent company. 2- Receipt of a notice of personal assessment for the company’s debts The director can choose to personally contest the notice within [...]

March 2017

Inspector

Bankruptcy Inspector

In the normal course of a bankruptcy, the Licensed Insolvency Trustee (LIT) must call a meeting of creditors in order to allow examination of the affairs of the bankrupt person. The meeting of creditors must also allow for the confirmation of the LIT’s role, the appointment of inspectors and the opportunity to provide instructions to the LIT that the creditors or inspectors may consider appropriate. The inspector’s role is important although nebulous. That is why it is appropriate to clarify the work of the inspector during a bankruptcy. Appointment of Inspectors (section 116 of the Bankruptcy and Insolvency Act) At the first meeting of creditors, the Licensed Insolvency Trustee asks the creditors to suggest nominations to the board of inspectors. The appointment of [...]

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