Business bankruptcy is a challenging process that many businesses face when they are no longer profitable. It’s essential to understand your options to make informed decisions. Here are some steps to consider:
- Evaluate your financial situation: If your business is no longer profitable, assess your financial situation to determine whether bankruptcy is the best option.
- Manage your debts: If you decide to file for bankruptcy, you will need to speak with a licensed insolvency trustee to deal with your debts and liabilities. Include negotiating with creditors or creating a repayment plan.
Where you’re considering bankrupting a business, it’s important to work with an insolvency trustee licensed by the Canadian government. Our business trustees can provide valuable information about:
- The bankruptcy filing process: We can explain what’s involved in a business bankruptcy and guide you through the process.
- Available options: We can help you understand your options and choose the best path forward.
- Costs: We can provide information about the costs associated with business bankruptcies and how they are calculated.
If you have questions or concerns about bankrupting a business or commercial bankruptcy, please call us at 905-721-7506 to speak with a bankruptcy trustee today.