As Ottawa Bankruptcy Trustees, YanchDey are licensed Insolvency Trustees for Ontario. We offer debt and insolvency assistance for:
- Bankruptcy: Whether for personal or business bankruptcy, we provide clear explanations and advice about insolvency and how bankruptcy works. We work closely with you to minimize the impact of bankruptcy while taking care of the paperwork and filing.
- Consumer Proposals: Your debts are reduced 70% or more through a negotiated repayment plan in a consumer proposal, interest and penalties are stopped and the reduce loan is payable over a 3 to 5 year period.
As Ottawa bankruptcy trustees, our goal is to help individuals overcome financial difficulties and insolvency. We’ll give you a fresh start and get you out of debt.
We welcome the opportunity to speak with you, answer any questions and let us explain how we can help you.
Monday to Friday: 09:00 AM – 05:00 PM
Saturday & Sunday: By Appointment
Evenings: By Appointment
There is no cost, fee or obligation to discuss your concerns with a trustee. Contact us today!
Consumer proposals are a government-approved program to reduce unsecured debts, such as credit card debts, over a period of 3-5 years. This program offers the following benefits:
- Pay a reduced amount of the debt owed: the total amount owed in a consumer proposal is reduced by 70-80%. No interest or fees can be added and your debts are reduced dramatically.
- Providing a structured repayment plan: the reduced amount is payable up to five years or less, with monthly payments that you can afford.
- Allowing individuals to avoid filing for bankruptcy: consumer proposals can be a better choice for insolvency than bankruptcy. In a proposal you do not lose possessions, and the effects on your credit rating can be less dramatic.
The payment amount in a consumer proposal is determined by your ability to pay and the expectations of creditors. The role of the insolvency trustee is to serve as the administrator of the consumer proposal and negotiate a reduced debt amount on your behalf.
Read more about Consumer Proposals >>>
Bankruptcy is a legal process that individuals or businesses in Ottawa, might consider when they find themselves unable to repay their debts. Bankruptcy is a regulated system aimed at providing relief to those facing overwhelming financial insolvency. Here’s a breakdown of what bankruptcy entails:
Declaring Bankruptcy: When an individual or business declares bankruptcy, it means they are legally acknowledging their inability to pay their debts as they become due. This declaration is made to a licensed insolvency trustee, who acts as the administrator throughout the bankruptcy process. The trustee’s role is to assess the financial situation, prepare the documentation for the bankruptcy court, and guide the individual or business throughout the bankruptcy proceedings.
Liquidation of Assets: In bankruptcy, the individual’s non-exempt assets, which may include properties, vehicles, and valuable possessions, are sold to repay creditors. However, it’s important to note that many assets, such as household items, personal property, tools of trade, and registered retirement savings plans (RRSPs), may be exempt from seizure.
Discharge & Financial Rehabilitation: The ultimate goal of bankruptcy in Ottawa is to provide individuals with a fresh financial start. Once the bankruptcy process is completed, individuals are typically discharged from their debts, meaning they are released from the legal obligation to repay them. However, it’s essential to follow all requirements and obligations outlined during bankruptcy, such as attending credit counseling sessions, providing accurate financial information, and making required payments.
Read more about small business bankruptcy >>>
Corporate bankruptcy, provides relief for incorporated businesses facing insolvency and financial challenges.
The process involves filing for bankruptcy under the Bankruptcy and Insolvency Act and appointing a licensed insolvency trustee to oversee the proceedings.
During a corporations bankruptcy:
- The business’s assets are liquidated to repay creditors.
- Certain assets may be exempt from liquidation to support essential operations.
- The corporation seeks a discharge to relieve itself from further liability for pre-bankruptcy debts.
- Ultimately, the corporation is dissolved, ceasing to exist as a legal entity.
Navigating a corporate bankruptcy can be intricate, necessitating professional guidance from our licensed insolvency trustees in Ottawa, and we suggest you give us a call to discuss your business.
As trustees’ we ensure compliance with legal requirements and explore potential alternatives for debt restructuring or your business recovery. Understanding the corporate bankruptcy process is vital for Ottawa businesses encountering financial distress, with our help we’ll empower you to make informed decisions about financial circumstances and determine the most suitable path forward.
With the guidance of our insolvency trustees businesses can work towards a fresh start and the possibility of future success.