Tag - Licensed Insolvency Trustee

June 2017

January 2017

How to Repay Holiday Debt

The holidays are a time for celebrating and sharing. However, they are also a time of spending more than planned. Even when you set a gift budget, costs relating to travel, gas, and food can quickly increase the bill. As a result, many people notice their debt has increased after the holidays. If you are concerned about your holiday spending, here are some tips to help you put an end to indebtedness. How to repay your holiday debt quickly Calculate the amount due Before beginning repayment, it is wise to know your total accumulated debt. Your first step should be to list all your bills and calculate the total. Take all the amounts representing debt into consideration. These may include credit cards, lines of [...]

January 2017

Priority claims and corporate assets

Priority claims and corporate assets

Priority claims and corporate assets When a corporation files for bankruptcy, there can be different classes of creditors making claims against the assets of the bankrupt company. Who has priority on these assets? The following are examples of the usual types of creditors involved in a bankruptcy process: Secured creditor This is a creditor who holds a mortgage, pledge, charge or lien on or against some or all of the assets or property of the debtor as guarantee of payment. To qualify for an operating loan with a lending institution, a company may have signed a general security agreement, commonly referred to as a GSA in Ontario, or a Movable Hypothec on a Universality of Movable Assets in Quebec. This means that this creditor [...]

November 2016

corporate-restructuring-options

Business restructuring – what are your options?

Even if it is viable in the long-term, a company may experience short term financial problems. For example, a temporary situation such as a reduction in clientele, the loss of a contract, or a non-profitable market segment can impact the availability of funds to repay suppliers, the government, or the bank. (more…)

October 2016

Financial Literacy Month

Financial literacy: Best practices with credit

Did you know that November is Financial Literacy Month? Since 2011, by means of this initiative, organizations and companies are encouraged  to mobilize to educate consumers and help them make responsible financial decisions. This year’s theme is “Take charge of your finances: It pays to know!” Note: this post has been updated on November 7, 2017. If you want to learn more about Financial Literacy Month and the appropriate use of credit, this article is for you. You’ll learn how good credit practices can help you better manage your debt. The importance of Financial Literacy Month (FLM) Financial Literacy Month is important. Its goal is to reinforce the financial health of Canadians. This November, various tools and information will be provided each week. [...]

our-licensed-insolvency-trustees-do-not-pass-judgment

Why Our Licensed Insolvency Trustees Do Not Pass Judgment

In our work as Licensed Insolvency Trustees (LIT), we often see people who are ashamed of having to resort to our services and having to reveal their financial situation. Sometimes, people hesitate to even consult a professional, fearing their judgment. (more…)

loan-repay-consumer-proposal

Is it a good idea to take out a bank loan to repay your consumer proposal?

Recovering financial health is often the main concern of people who must repay a consumer debt proposal. This is why some people consider taking out a loan to pay it off more quickly. But is this solution actually advantageous? (more…)

August 2016

Licensed insolvency trustee

Licensed Insolvency Trustee

Are you familiar with the term “Licensed Insolvency Trustee” (LIT)? This new name designates what used to be called a “Trustee in Bankruptcy” or, in French “Syndic de faillite.” The Office of the Superintendent of Bankruptcy Canada (OSB) decided to apply this change, beginning on April 1, 2016. We believe the new designation more accurately reflects the role of LITs following the evolution of the industry. Here are some reasons for this change regarding insolvency. Why is Ginsberg Gingras happy with the change to the Trustee in Bankruptcy title? The term “Licensed Insolvency Trustee” is more general and inclusive. Since an LIT’s role is not limited to bankruptcy, our professional title should appropriately reflect the work we do. Additionally, a more [...]

June 2016

debt overload

Debt Overload: How Much Debt is Too Much Debt

Good financial health can be difficult to obtain. Easy access to credit, unforeseeable events, and a lifestyle that is incompatible with your budget can create debt. If your debt is too large, it can become problematic and lead to debt overload. To avoid this scenario and financial troubles, use these methods to check whether you have too much debt. (more…)

May 2016

consequences bankruptcy

The Consequences of Bankruptcy on Hydroelectricity and Other Services

Bankruptcy puts an end to many debts. But what becomes of your financial health after bankruptcy? Maybe you want to get out of debt but you’d like to learn more about the positive and negative impacts of your decision. In this case, here is what you should know about some of the consequences after filing for bankruptcy. (more…)