Corporate insolvency is designed to help Barrie businesses dissolve their assets and holdings and re-establish their financial independence.
Many businesses run into financial difficulty, and sometimes these difficulties heavily impact the business’ operations. If your business is struggling to remain profitable and manage your day-to-day operating expenses, you may be wondering what you should do. In this situation, you should plan on turning to us at Morgan & Partners Inc. for help.
Although not for every business, a corporate insolvency, if properly implemented, can help businesses lower their debt payments, renegotiate contracts with their creditors, and sell unused assets, all while receiving protection from their creditors. When you turn to us in Barrie, Ontario, we will help you determine if corporate insolvency is the right fit for your business and then help you move forward with the process. This means we will manage the filing of important documents, provide regular communication of how the process is going, and inform you of any court appearances.
With more than 25 years of experience dealing with corporate insolvency, we will give your case the attention it deserves from the very start. Since we understand the complexities that come from running a corporation, we will provide helpful guidance and accurate advice that helps your business now and in the future. Each of our employees is an accredited estate administrator and counsellor registered with Industry Canada and CAIRP.
Remember, there is always a way out from your company’s financial predicaments. For more information about the corporate insolvency process and what it entails, reach out to us at Morgan & Partners Inc. today.
FAQs About Corporate Insolvency
Our team at Morgan & Partners, Inc. has extensive experience in insolvency, including corporate insolvency law. If you have questions about corporate insolvency, keep reading to find the answers you are looking for below.
What types of insolvency can a corporation file?
In general, there are two main approaches for dealing with corporate insolvency. In the first approach, the company’s assets are simply liquidated, or sold off, in order to pay its debts, and the business closes. This approach is typically used by those who are ready to shut down their business and walk away. In the second approach, the company’s debts are instead restructured, and the company is given a new timeline for paying back its creditors. In most cases, the corporation will have the opportunity to pay back some of its creditors at a discount, and it can also sell off unwanted assets in order to get the cash it needs to get a head start on repaying its debts. Under this type of corporate insolvency the business will remain in operation—the idea is that it will be able to pay its creditors back more than it would if it were simply liquidated.
Do I need a lawyer to help with any sort of corporate insolvency?
Yes, you need to talk to a lawyer before filing corporate insolvency. This lawyer needs to be familiar with corporations and corporate law before filing any corporate insolvency. There are strict laws regarding the management of personal debt, and the laws regarding corporate debt are even stricter and more complicated, so you will need someone with the right legal experience to help you navigate the situation and make the best decisions for yourself and your business.