If your corporation finds itself with financial challenges that seem beyond repair, stakeholders will determine that bankruptcy may be the best option to end their operations.
When filing for bankruptcy, a business can seek legal protection from creditors. A Licensed Insolvency Trustee will take hold of the corporation’s assets and start formal insolvency for the business. With this process, you can expect a liquidation of assets and distribution of proceeds to creditors.
At Charles Advisory, we have years of experience in bankruptcy advice and services for various GTA businesses. We help guide businesses through the complicated steps of ending operations in an organized and efficient way. Our goal is to obtain the most financially beneficial results for our clients to be satisfied with their business bankruptcy proceedings.
Licensed Insolvency Trustees are some of the most highly trained debt advisors throughout Canada, educated in accounting designation and with a university degree. These individuals must pass a detailed bankruptcy and law course, and are investigated by the RCMP before they can be licensed.
Trustees can be used for bankruptcies and can discuss debt solutions with any individual looking for advice. Not all of these individuals will file for bankruptcy and can resolve their debts once given the necessary advice. Under the law, a Trustee is the only person who can provide every debt relief option.
Hiring a trustee is less expensive than other debt solutions or consultants. Trustee fees are included within your proposal payments instead of repaying a credit agency in full. Plus, the initial consultation is free, and there are no hidden or up-front fees.
A trustee works on your behalf, not your creditors. Similar to our team at Charles Advisory Services, a qualified trustee ensures that your rights are respected and that the process is fair.
When you first file for bankruptcy or a proposal, the first step is to hire a Licensed Insolvency Trustee. We do not recommend undertaking the bankruptcy process on your own. If you fill out the paperwork incorrectly or make a mistake during the process, it can cost lasting damage.
When you hire a Licensed Insolvency Trustee, they will first and foremost help guide you through this complicated process. A trustee will ensure that you file in a timely and effective manner and answer any important questions. Ultimately, you will have the tools to successfully eliminate any debts you have acquired.
Hiring a reliable and trustworthy trustee is imperative, ensuring that you have a successful working relationship. Since you’ll be working with them for an extended period, it's important to source someone who can address your concerns and provide you with the necessary information. Once you fully understand the process, you can start filing for bankruptcy or a proposal with confidence and adequate knowledge.
Charles Advisory Services provides debt solutions and corporate bankruptcy services that are suitable for your company’s needs. We work tirelessly to resolve your debts and rebuild your credit.
We pride ourselves on educating our clients to know what options they have and what solutions will work best. No matter what financial circumstances you find yourself in, the team at Charles Advisory can help you. Whether you are looking for proposals, corporate bankruptcy solutions, or resolving debts, we can guide you through the steps you need to take.
If you want to establish a better financial future for your corporation and are looking for corporate bankruptcy protection, call us today.
There are three ways to declare corporate bankruptcy:
A voluntary assignment is the most common type of bankruptcy. With this process, you appoint your company’s assets to creditors on your own accord. To file for a voluntary assignment, it is required for your company to be insolvent.
No, you do not require a lawyer to start the bankruptcy process; it is advisable instead to hire a Licensed Insolvency Trustee. These professionals are better equipped to help you file for bankruptcy and offer reputable bankruptcy services.
A business’s retirement plans are generally protected during bankruptcy, although it can be at risk. However, in most situations, exempt retirement accounts are safe when filing for business bankruptcy.
Charles Advisory Services Inc.200 Evans Ave Unit 8
Etobicoke, ON
M8Z 1J7
Monday – Friday, 8:00 AM – 5:00 PM
