INFORMED FINANCIAL SOLUTIONS
Commercial Bankruptcy
COMMERCIAL BANKRUPTCY PROCEEDINGS IN GATINEAU AND OTTAWA
Any company, during its lifetime, may one day experience financial difficulties. If a turnaround is not enough to restart the business, Bernier & Associates can assist you in your commercial bankruptcy proceedings in Ottawa, Gatineau or in another of our offices. Contact us for personalized advice.
Navigating the complexities of commercial bankruptcy requires a strategic approach that prioritizes both legal expertise and financial acumen. When facing such challenges, it's crucial to have a knowledgeable partner by your side. Our team specializes in guiding businesses through the intricacies of commercial bankruptcy, offering tailored solutions to protect your interests.
What Is Commercial Bankruptcy, and What Is It For?
Commercial bankruptcy allows a company to cease operations when it is no longer profitable. The process provides for the orderly liquidation of assets to repay creditors in the order of priority provided for under the Act. Commercial bankruptcy allows the closure of an inoperative business to avoid the management, accounting and legal fees associated with maintaining reports due under federal or provincial law.
The Bankruptcy Process of a Company
A resolution of the directors must be obtained in order to put a corporation into bankruptcy. The transfer of the corporation will allow the cessation of operations as well as the striking off from the business registers. The sale of assets may be carried out through a block sale, liquidation or auction.
From there, Bernier & Associates takes care of all the procedures for you, including:
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the filing process with the Superintendent of Bankruptcy
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the registration of the commercial bankruptcy
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the takeover and inventory of assets
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the auction of property
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the repayment of creditors and the payment of wages
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the release and closure of the file
Seek Expert Guidance for Commercial Bankruptcy Resolution
If you're facing commercial bankruptcy in Ottawa, you must seek help from seasoned professionals who can guide you through the process and help you find the best possible resolution. Contact us for the expertise and support needed to navigate the complexities of the process, ensuring a comprehensive and optimal resolution for your unique situation. Don't face commercial bankruptcy alone—let us be your trusted partner on the path to a successful resolution. Reach out today to secure the assistance you need and regain control of your financial future.
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The Bernier & Associates team is at your disposal to advise you on the commercial bankruptcy procedure and any other solution in the event of insolvency. Feel free to contact our locations in Pembroke, Petawawa and Val-d'Or, as well as our 12 other branches in Ontario and Quebec.
Top Questions About Commercial Bankruptcy Answered
Below, we have covered some of the most commonly asked questions about commercial bankruptcy for your reference.
When Should a Business Consider Commercial Bankruptcy?
A business should consider commercial bankruptcy when facing insurmountable debt, cannot meet its financial obligations, and has exhausted all other options for restructuring or refinancing.
How Long Does the Bankruptcy Process Take?
The duration varies based on the complexity of the case, the number of creditors and the sale of assets. Typically, the bankruptcy process can last anywhere between a few months to 3 years.
Can I Start a New Business after Commercial Bankruptcy?
Yes, you can start a new business after commercial bankruptcy. However, obtaining credit may be challenging due to your bankruptcy history.
