Commercial Bankruptcy
COMMERCIAL BANKRUPTCY IN EDMONTON
ARE YOU CONSIDERING CORPORATE BANKRUPTCY IN EDMONTON?
Recessions hit Alberta’s businesses hard. If your small business has not recovered, you may have to consider corporate bankruptcy to reduce your monthly debt payments. Let the team at Fox-Miles & Associates review your business’s financial situation and provide you with options for economic recovery.
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Steps Involved in
Declaring Commercial Bankruptcy in Edmonton
- Schedule consultation with a Licensed Insolvency Trustee
- Review your businesses financial situation with your trustee
- Review all possible debt relief options for your business
- If bankruptcy is the chosen solution, you will need to complete all required documentation
- Review all commercial bankruptcy obligations
- Complete all bankruptcy obligations
- Once obligations are complete, your trustee will apply to the courts for debt discharge
Corporate Bankruptcy is a business-saving debt solution for many companies. It can facilitate restructuring your payment plan, consolidating your debts, and removing interest from your obligations so you can pay off the principal. If you and your trustee decide to pursue corporate bankruptcy, we will help you complete the appropriate forms, contact creditors, and liquidate assets.
Navigating commercial bankruptcy is a much more complicated and costly process when compared to declaring individual bankruptcy. Rest assured that the Licensed Insolvency Trustees at Fox-Miles & Associates are here to help you throughout the process.
EDMONTON COMMERCIAL BANKRUPTCY
TYPES OF COMMERCIAL BANKRUPCIES
There are two types of commercial bankruptcy options available. Your Licensed Trustee will ensure to guide you on the most appropriate solution for your business.
Sole Proprietor
- Applies because your finances are not legally separate from your business
- Business and Personal assets are one-in-the-same
- Debt relief options available: personal bankruptcy, consumer proposal, debt consolidation
- Easier and less costly than declaring commercial bankruptcy
Corporation
- Business is a legal entity separate from your personal finances
- Some debts still have a personal liability attached to them
- Bankruptcy does not necessarily mean you need to shut your business down
- A business will, however, cease operations if it cannot fulfill debts obligations over-time that existed when the bankruptcy was declared
LEARN MORE ABOUT OUR BUSINESS BANKRUPTCY SERVICES IN EDMONTON
Business bankruptcy is a debt relief option for businesses that are no longer in a financial position where they can pay their debts on time. Consulting with a Licensed Insolvency Trustee should be your first step if your business is facing financial difficulties. A Licensed Trustee will review all potential debt relief options available to you and your business. There are options other than bankruptcy that you need to consider. The Trustees with Fox-Miles & Associates will gain a thorough understanding of your business’s current financial state. With that knowledge, we will explain all options available to you. We will work with you during to entire process to help get your business back to its best possible financial position.
contact us to schedule your
free consultation today.
If your company’s financial future seems dire, reach out to Fox-Miles & Associates Licensed Insolvency Trustee for qualified financial advice. To schedule your free consultation, call Fox-Miles today.