Businesses Considering Bankruptcy in Calgary
Toiling with the idea of declaring bankruptcy for your business is never an easy one. If you have explored the options and they haven’t worked, then speak with one of our Trustees to see if declaring bankruptcy for your corporation is the right choice.
As there are different types of business i.e. Sole proprietorship or an incorporated business the process for declaring bankruptcy will also be different. For instance, if a sole proprietor files for bankruptcy this will affect you personally, however if an incorporated business (small or large) files for bankruptcy it may not effect the owners personally as it is its own entity. Each bankruptcy has its own rules and guidelines that need to be followed. A Licensed Insolvency Trustee is the only professional who can administer a bankruptcy estate.
What is a Licensed Insolvency Trustee & Why You Need One?
A licensed insolvency trustee is authorized to administer proposals and bankruptcies by providing advice, help with paperwork, transfer and sell off business assets, and to help facilitate communication between you and your creditors. They are there to ensure both the debtor’s and creditor’s rights are maintained and help to negotiate between both parties.
Trustees are well trained. experienced and operate under a strong code of ethics. Trustees do have fees, however it’s not nearly as much as other debt consultants and lawyers. Trustee’s fees are regulated by law or by the court and are paid from estate funds.
Steps and Process of a Business Bankruptcy:
The following is an overview of the comprehensive process utilized by our skilled team of Licensed Insolvency Trustees:
We will carefully review your assets, obligations and debts, to ensure that you are indeed eligible to file for bankruptcy in Canada.
We will help you fill out all required paperwork.
We will inform your creditors of your bankruptcy.
Finally, we will assist you in the redistribution of your funds to your creditors to ensure that your outstanding debts are fully repaid.
Benefits of Hudson & Company Assisiting you in filing your Bankuptcy:
Since 1973 Hudson & Company has offered a skilled team of Licensed Insolvency Trustees right here in Calgary. Their team is highly trained and extremely experienced Insolvency Trustees that are there for you through the difficult decisions you will have to make while filing for bankruptcy. The team has handled many bankruptcies of all business types in the Calgary area and Alberta and are highly knowledgeable of thefederal and provincial laws.
Hudson & Company’s Insolvency Trustees offer you:
Over 40 years experience
Knowledge of the Federal and Provincial laws
Experience in handling bankruptcies of all sizes and types of businesses here in Calgary and Alberta
Experience in communicatingand negotiating with creditors of all sizes and types
Adheres to a strict code of ethics
Compassion for business owners who have had to make difficult decisions
Affordable bankruptcy solution
Assistance and advice on how to move forward after your bankruptcy is complete
Who else would you want in your corner as you face the decision to file bankruptcy for your Calgary business. That is why your ideal solution is to schedule a consultation with our Calgary Licensed Insolvency Trustees by calling 403-265-HELP (4357). At Hudson & Company, we look forward to helping you overcome your financial difficulties for a brighter future!