Personal Insolvency

Our professional team of Montreal bankruptcy trustees 
will help you assess your financial situation and find the solution that is best suited for you. We have offices in Montreal, the South Shore and in the West Island.

Commercial Insolvency

As experienced insolvency professionals, our team of Montreal bankruptcy trustees have the expertise to properly assess the financial health of your business and find the best solution to its financial problems.

Newsletter

The Insolvent Employee: How Should You React?

Insolvency may lead to serious problems for an employee: drop in productivity at work, difficulty concentrating, disruption at work by phone calls from angry creditors or collection agencies, marital and family problems, anxiety towards the future, insomnia, and depression, lost in self-esteem or excessive alcohol and/or drug intake. This situation may go on for quite a while the employee most often trying to hide his financial problems by fear of losing his job and being embarrassed of what is perceived by him as a failure. Not knowing where to turn, and with no hope in sight he may consult so-called “financial counsellors” who will charge a fee for sometime legally doubtful advice when he could consult directly an insolvency professional to get proper counselling.

It is crucial for both the employer and the employee that the insolvent worker get appropriate counselling as soon as possible to stop the vicious circle in which he is trapped and to allow him to go back to being a productive member of society, efficient at work and financially responsible.  The insolvent employee is often paralysed by the scope of his problems and needs a third party to help him face his situation in a more rational way and guide him towards realistic solutions. Trustees in bankruptcy are also insolvency professionals who have the proper training to access the financial situation of a person, the source of his problems and guide him of her in finding the right alternative, bankruptcy remaining the ultimate recourse.

When appropriate, the Trustee will guide the employee towards resources adapted to specific problems like alcoholic or gamblers anonymous, or non-profit organizations that specialize in budgeting and finance management.

Situations that should raise a red flag for the employer:

  • Employee who frequently ask an advance on his salary or wants to borrow money from his employer;
  • Employee who receives many personal phone calls from aggressive parties;
  • Drop in productivity and depressive mood;
  • Absenteeism;
  • Seizure of an employee’s salary by creditors.