The more one waits to address a problem the more that problem will most likely worsen. Unfortunately many entrepreneurs have a tendency to minimize the problems of their company being poor judges when it comes to their own business. An insolvency professional has the necessary expertise and hindsight to properly assess the situation. A fast intervention will increase a company’s chances of survival. Solange de Billy-Tremblay has successfully advised hundreds of business people facing financial difficulties in their businesses.


Her strategy: identify the problems of a company and suggest creative solutions to solve them. Many factors internals or externals to a corporation may lead to its insolvency. A fast access to financial data will in most circumstances allow management to address a difficult situation without having recourse to the Bankruptcy and Insolvency Act. Rationalizing expenses and management procedures, reviewing personnel needs adjusting to market changes, making an informal agreement with the creditors are some of the measures that can be implemented by a corporation whose profits are declining to gain back profitability. It may happen however that those measures are not sufficient and that the following alternatives must be considered.

Proposals

A proposal under the Bankruptcy and Insolvency Act is sometimes the only alternative for a corporation facing severe financial problem but that could be profitable again if it could reach an agreement with its creditors. More often, a proposal foresees a spreading of the payment of the corporation’s debts in time at a percentage of the amounts owed. A company who feels it could file a proposal but would need time to draft it can file a “Notice of Intention to File a Proposal” and has then 30 days where all procedures are stopped to file its proposal. We are proud that our expertise helping corporations draft viable proposals led to the approval and to the completion of the majority of them and allowed many enterprises to survive and gain back profitability.

Bankruptcy

Sometimes a corporation’s insolvency problems cannot be resolved and the only solution is to file for bankruptcy. For the entrepreneur who has been fighting for months, sometimes for years it can be an ordeal but it can also be a relief as the procedure ends a period of stress and finally allows him or her to focus on more productive activities. We administer bankruptcies in a professional way keeping in mind the human factor.