Small Business Debt
If you are a director or owner of a company facing serious financial challenges, such as Alberta small business debt, you may want to know what obligations will flow to you personally and how our team can help you through the next steps.
The most common obligations of a company that continue to be the responsibility of the directors if the company fails to pay them:
We first meet to discuss what challenges your company is facing with Alberta small business debt and discuss alternatives for the corporation and what each alternative means for the directors and their families. Small business owners often feel relieved knowing that the above Alberta small business debts can be included in a personal bankruptcy or a consumer proposal if things are not able to be turned around.
Small business owners often overlook the following factors when contemplating the decision of filing a bankruptcy vs. simply taking no action and walking away from their insolvent corporation/business:
Protection from creditors
A bankruptcy filing creates an automatic stay of proceedings, preventing creditors from suing the company or taking legal action against the company to collect their Alberta small business debt. Should a Calgary small business owner decide to simply “walk away without a bankruptcy” they may end up spending significant time and legal costs defending lawsuits filed against the corporation by the creditors who are still owed money.
Corporate filings/tax returns
When faced with a bankruptcy or a consumer proposal, there is a lot to consider.
We can assist with a plan to put a stay of proceedings in place and prevent future losses of money and precious time.
Let's get started, contact The Fryzuk Group, Licensed Insolvency Trustees, now.