Book an Appointment

Is it time for us to meet?

If you’re thinking about booking an appointment, then you’ve already taken the first step by deciding you need help or advice with your personal or corporate debt. That’s often the most difficult step. We understand and we’re here to help.

The sooner we meet, the greater the likelihood of a positive outcome. Call our toll free number, call the number of the office closest to you, or send us an email by filling in the form below.

We’re looking forward to taking the stress off your shoulders and helping you live life again.

1.877.944.1177






Our Process

You’ve made the difficult decision to explore personal or corporate debt restructuring and now you’re wondering, “What happens next?”

First, let us say congratulations. It isn’t always easy deciding that you need assistance, but it’s more common than you know and the earlier you start, the better the chance for a positive outcome.

Next, understand that we want to make the entire process as easy and positive as possible. We will never judge or pressure you; we are only here to help.

Our process begins with information gathering. We have a responsibility to collect as many details about your financial situation as possible so we know exactly what we’re dealing with.

After we have collected the information, our team, including a Licensed Insolvency Trustee, will determine the most advantageous option and present it to you, carefully explaining all of the pros and cons.

After that, you are certainly welcome to take the information home and think about it to see if you have any further questions.

When you make the decision to proceed, our experts do the heavy lifting and work with you, side by side, until the project is completed.

Our process ends when your brighter days begin.

Payment Calculator

Easily Compare Payment Plans

The payment calculator is a tool to provide you with a preliminary overview and comparison of the 5 different restructuring plans available for your consideration in determining the restructuring plan that is best for you. The 5 restructuring plans include maintaining regular monthly payments to creditors, consolidation loans, orderly payment of debts, consumer proposals and bankruptcy. The calculator is not comprehensive or exhaustive and is intended for demonstration and discussion purposes only. There are many additional factors and variables that require consideration that are beyond the scope and capabilities of the calculator.

We invite you to contact our office to schedule your free, confidential, no obligation consultation to review your unique financial situation and to further evaluate the restructuring plan best suited to your unique financial situation to eliminate your debt and provide you with the fresh financial start you deserve.

Enter values to review different payment plans.

  • Mandatory fields outlined in red.
  • Mouseover the “?” icon for descriptions.

This calculator uses the following interest rates:

  • Regular repayment: 17%
  • Consolidation Loan: 12%
  • Orderly payments: 5%
  • Consumer proposal: 0%
  • Bankruptcy: 0%
Total Regular Payments:

Fill in form fields to see repayment options.

Consolidation Loan:

Fill in form fields to see repayment options.

Orderly Payment of Debt:

Fill in form fields to see repayment options.

Consumer Proposal:

Fill in form fields to see repayment options.

Bankruptcy:

Fill in form fields to see repayment options.

Ask an Expert

When Faber invites you to ask an expert, we’re talking about our Licensed Insolvency Trustees (LITs). LITs are qualified, federally regulated experts who are held to a high standard of professional conduct and code of ethics when providing services and performing their duties.

LITs are the only professionals authorized to administer government-regulated insolvency proceedings that allow you to be discharged from your debt, such as consumer proposals and bankruptcies.

When you seek advice from an LIT, whether in our offices or online, you can be confident that you are dealing with someone who has the knowledge, experience and skills to be granted a license from the Office of the Superintendent of Bankruptcy.

Any questions?

Glossary

Our glossary will guide you through language we may know like the back of our hands, but that others may not—like what insolvent means, for example.

Arm’s Length transaction

Arm’s Length transaction

Is a transaction between persons upon whom there are no bonds of dependence, control or influence.

Assignment to Trustee

Assignment to Trustee

A debtor can formally assign all of his or her property to a bankruptcy trustee who will sell the property or use it to pay a debt.

Bankruptcy and Insolvency Act (BIA)

Bankruptcy and Insolvency Act (BIA)

The federal law that regulates bankruptcy and insolvency in Canada.

Consumer Proposal Administrator

Consumer Proposal Administrator

A bankruptcy trustee or person appointed or designated by the Office of the Superintendent of Bankruptcy to administer consumer proposals.

Credit Counselling

Credit Counselling

Counselling from a counsellor registered with the Office of Superintendent of Bankruptcy to help a debtor understand how the debt occurred and to help him or her better manage his or her finances in the future.

Creditor

Creditor

The person or business who has a preferred, secured or unsecured claim provable under the Bankruptcy and Insolvency Act.

Creditor rights and collection methods

Creditor rights and collection methods

Creditor rights and collection methods refer to the various types of methods a creditor may use to collect on debts due to them. These methods include such procedures as judgements, garnishing orders, notices of intention to enforce security, bankruptcy applications and numerous others.

Debt Consolidation Loan

Default

Default

A default is a failure to meet an outstanding obligation as it becomes due. Typically, a default in obligations of payment is a serious sign that a company needs to consult with a Licensed Insolvency Trustee.

Directors liability

Directors liability

Directors liability refers to certain liabilities that personally fall onto directors of insolvent corporations as a result of that company’s inability to satisfy amounts due. Directors liabilities can be extended to numerous debts, including: outstanding source deductions, wage arrears, severance termination, GST amounts, environmental liabilities as well as numerous others.

Discharge from Bankruptcy

Discharge from Bankruptcy

A debtor is released from the legal obligation to pay a debt – with some exceptions – as of the bankruptcy filing date.

Dividend

Dividend

Under the Bankruptcy and Insolvency Act, a dividend is the proportional share of a bankrupt`s estate paid by the bankruptcy trustee to creditors with proven claims.

Encumbrance

Encumbrance

Charge or claim against property that remains in effect until the debt is satisfied or the issue is resolved with the other party. In the case of a mortgage, it is said that the property is encumbered by that mortgage.

Equity

Equity

The value of an asset or interest above the amounts owed on it, such as charges or encumbrances against that property.

Estate inspector

Estate inspector

Estate inspectors are nominated and appointed by an ordinary resolution at a creditors’ meeting.  Any person may act as an estate inspector with the exception of those who are a party to a contested action against the debtor.  The estate inspector’s role is to provide authorization and supervision to bankruptcy administrations.

Exempt Assets

Exempt Assets

Property which a bankruptcy trustee cannot take ownership of to satisfy debts, such as property held in trust for other persons, GST credit payments and prescribed payments relating to the debtor`s family`s essential needs, and other exempt property as defined the provincial or territorial law where the debtor resides.

Garnishment

Garnishment

A legal process where a creditor gets a third party (e.g., employer or bank) to release the debtor`s property (e.g., wages or bank accounts) in order to satisfy a debt.

Goods and services tax

Goods and services tax

The Goods and Services Tax (GST) is a Canadian value-added tax levied on most goods and services sold for domestic consumption. The tax is levied to provide revenue for the federal government. GST holds certain priorities depending on the specific type of insolvency engagement and may have a significant impact on realizations to certain classes of creditors.

Guarantor

Guarantor

An individual or entity who takes responsibility for another`s debt or performance under a contract, if the other fails to pay or follow through.

Insolvent

Insolvent

An individual is insolvent if he or she cannot satisfy creditors or discharge liabilities because of debt exceeding assets or because of an inability to pay debts as they mature.

Inspector

Inspector

A person appointed by creditors at the first of subsequent meeting of creditors, as part of a committee, to work with a trustee or administrator and oversee his or her handling of a proposal or bankruptcy administration.

Judgement

Judgement

A decision by the court that resolves controversy by determining the rights and obligations of the parties.

Liability

Liability

An legal obligation for which a person is responsible, such the amount owed by a debtor to a creditor for goods, services, taxes, etc.

Licensed Insolvency Trustee (“LIT”)

Licensed Insolvency Trustee (“LIT”)

The Trustee is an individual or corporation who holds a license issued by the Office of the Superintendent of Bankruptcy and as such is authorized to act in administering bankruptcies, proposals, receiverships, and Companies’ Creditors Arrangement Act proceedings.  The LIT acts as an officer of the Court in its administrations and, as such, works for the general benefit of all stakeholders.

Meeting of Creditors

Meeting of Creditors

A bankruptcy trustee may call a meeting with the creditors to examine the debtor`s financial affairs in order to discuss a consumer proposal or the bankruptcy administration or as per the written request of 25 percent of the creditors holding 25 percent of the value of the proven claims

Not at arm’s length transaction

Not at arm’s length transaction

Transaction where one off the parties may exercise a control, influence or moral pressure of the other party.

Notice of Intention to Enforce Security

Notice of Intention to Enforce Security

A notice of intention to enforce security is a formal demand notice sent by secured creditors with respect to their security. Typically, these notices are sent to debtors in the event that there has been a default payment or the breach of specific covenants detailed in their lending agreement with the debtor. These notices have a 10-day expiry period and, should a debtor receive a notice, they should immediately consult a Licensed Insolvency Trustee.

Official Receiver

Official Receiver

A federal government employee of the Office of the Superintendent of Bankruptcy who accepts the documents required for a proposal or bankruptcy, examines bankrupts under oath, and chairs meetings of the creditors.

Orderly Payment of Debts

Personal guarantees

Personal guarantees

Personal guarantees are guarantees in which an individual agrees to be responsible for the financial obligations of a debtor or borrower to a lender, in the event that the debtor or borrower fails to pay an amount owing under the loan, a creditor may pursue a guarantor for any deficiencies.

Preference

Preference

A preference occurs when an unsecured creditor sells goods or lends money to a debtor without taking security and, before bankruptcy, receives payment or takes security or a transfer of property from the insolvent debtor and other creditors are not afforded the same treatment.  In bankruptcies and proposals, a preference may be reviewed and voided by the Trustee.

Proposal

Proposal

A formal offer by a debtor to creditors to settle debts under conditions other than their original terms.

Receiver

Receiver

An person appointed by the court or behalf of a creditor to take control of the a debtor`s assets and income for review and inventory of what may be distributed to creditors and what is exempt

Registrar

Registrar

An Officer of the Supreme Court empowered to hear and act in matters under the Bankruptcy and Insolvency Act.

Secured debt

Secured debt

Secured debt is debt backed or secured by assets to reduce the risk associated with lending. A common example of a secured debt instrument is a mortgage. In this particular example the asset securing the debt would be a debtor’s residence or piece of real property. If the borrower defaults on repayment, the bank seizes the house, sells it and uses the proceeds to pay back the debt.

Source deductions

Source deductions

Source deductions are the withheld portion of an employee’s earnings that are to be remitted by an employer to the Canada Revenue Agency for income tax withholdings, CCP and EI (as well as the employers required contributions). These amounts form what are called deemed trust claims in an insolvency context and hold a special priority over all types of creditors, including secured creditors. Source Deductions can have a significant impact on a company’s ability to restructure.

Statement of Affairs

Statement of Affairs

A financial statement showing the debtor`s assets and liabilities, including their estimated values and names and addresses of creditors. This statement is usually presented at the beginning of the process.

Statement of Receipts and Disbursements

Statement of Receipts and Disbursements

A financial statement prepared by the bankruptcy trustee indicating receipt of property (including interest), fees and disbursements charged by the trustee, what has been paid to creditors, and the particulars of what property remains unsold. This statement is usually presented at the end of the process.

Stay of Proceedings

Stay of Proceedings

A stay of proceedings immediately prevents creditors from starting or continuing a legal action against a debtor and occurs upon filing bankruptcy or a proposal.

Stay of proceedings

Stay of proceedings

A stay of proceedings is a stopping of a judicial proceeding.  When a debtor files an assignment into bankruptcy, a Notice of Intention to file a Division I Proposal or files a Division I Proposal under the Bankruptcy and Insolvency Act, certain creditors may be prevented from continuing or commencing action against the debtor and its property.

Transfer at Undervalue

Transfer at Undervalue

A transfer at undervalue is a disposition of property or provision of services for which no consideration is received by the debtor, or for which the consideration received is conspicuously less than the fair market value of the consideration given by the debtor.  In bankruptcies and proposals, a TUV may be reviewed and voided by the Trustee.

Trustee in Bankruptcy

Trustee in Bankruptcy

A federal official licenced by the Office Superintendent of Bankruptcy to administer bankruptcies and proposals.

Unsecured debt

Unsecured debt

Unsecured debt refers to any type of debt or general obligation that is not protected by a guarantor, or collateralized by a lien or secured to specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment. A common example of unsecured debt would be the trade payables of a company.

Thank you for everything you have done for me. You have helped me through a very difficult time in my life. I will be forever grateful.

Rose

Our Process

You’ve made the difficult decision to explore personal or corporate debt restructuring and now you’re wondering, “What happens next?”

First, let us say congratulations. It isn’t always easy deciding that you need assistance, but it’s more common than you know and the earlier you start, the better the chance for a positive outcome.

Next, understand that we want to make the entire process as easy and positive as possible. We will never judge or pressure you; we are only here to help.

Our process begins with information gathering. We have a responsibility to collect as many details about your financial situation as possible so we know exactly what we’re dealing with.

After we have collected the information, our team, including a Licensed Insolvency Trustee, will determine the most advantageous option and present it to you, carefully explaining all of the pros and cons.

After that, you are certainly welcome to take the information home and think about it to see if you have any further questions.

When you make the decision to proceed, our experts do the heavy lifting and work with you, side by side, until the project is completed.

Our process ends when your brighter days begin.

Payment calculator

Easily Compare Payment Plans

The payment calculator is a tool to provide you with a preliminary overview and comparison of the 5 different restructuring plans available for your consideration in determining the restructuring plan that is best for you. The 5 restructuring plans include maintaining regular monthly payments to creditors, consolidation loans, orderly payment of debts, consumer proposals and bankruptcy. The calculator is not comprehensive or exhaustive and is intended for demonstration and discussion purposes only. There are many additional factors and variables that require consideration that are beyond the scope and capabilities of the calculator.

We invite you to contact our office to schedule your free, confidential, no obligation consultation to review your unique financial situation and to further evaluate the restructuring plan best suited to your unique financial situation to eliminate your debt and provide you with the fresh financial start you deserve.

Enter values to review different payment plans.

  • Mandatory fields outlined in red.
  • Mouseover the “?” icon for descriptions.

This calculator uses the following interest rates:

  • Regular repayment: 17%
  • Consolidation Loan: 12%
  • Orderly payments: 5%
  • Consumer proposal: 0%
  • Bankruptcy: 0%

Total Regular Payments:

To see your debt repayment options please enter values in the form above.

Consolidation Loan:

To see your debt repayment options please enter values in the form above.

Orderly Payment of Debt:

To see your debt repayment options please enter values in the form above.

Consumer Proposal:

To see your debt repayment options please enter values in the form above.

Bankruptcy:

To see your debt repayment options please enter values in the form above.

Ask an Expert

Book an Appointment

Is it time for us to meet?

If you’re thinking about booking an appointment, then you’ve already taken the first step by deciding you need help or advice with your personal or corporate debt. That’s often the most difficult step. We understand and we’re here to help.

The sooner we meet, the greater the likelihood of a positive outcome. Call our toll free number, call the number of the office closest to you, or send us an email by filling in the form below.

We’re looking forward to taking the stress off your shoulders and helping you live life again.

1.877.944.1177