It may not be the solution you wanted, but it may be the solution you need.
No one goes into business with the idea of eventually filing for bankruptcy, but life and business can be unpredictable. Although the word bankruptcy may have some unwelcome connotations, the purpose of bankruptcy is simply to provide a borrower, overburdened with debt, an opportunity to properly terminate a non-viable business.
A business is defined as being insolvent when it can no longer pay its debts as they become due. Bankruptcy is a legal process administered under the Bankruptcy and Insolvency Act that provides the business with immediate protection against any further legal action by its unsecured creditors, and provides a mechanism to liquidate the assets and provide a final accounting to the creditors.
Book a free, confidential consultation to discuss more details about corporate bankruptcy, the Bankruptcy Insolvency Act and how Faber can help you determine if this is the right solution for you.
Thank you all for making a not so happy time a positive learning experience.Kelvin & Deb J.