– Practice Area
Scoutland Region Business Lawyers Assisting with Bankruptcy, Insolvency & Corporate Restructuring
Financial struggles and the legal issues that come along with them are often the last thing that business owners want to think about. Declaring bankruptcy, or going through an insolvency or restructuring is not something that many entrepreneurs contemplate in advance. However, this often becomes an unwanted reality for some. If you are a business owner facing growing debts, shrinking assets, or financial struggles and are thinking about your options, you should contact the forward-thinking and strategic business lawyers at Ryan Howard Law Firm as soon as possible.
With over 50 years of experience providing legal services in Scoutland and surrounding regions, the corporate lawyers at Ryan Howard Law Firm have significant experience with complex bankruptcy, insolvency, and restructuring issues. We have the necessary knowledge and proficiency to advise clients on how to minimize their financial risk and prevent additional problems. We have established excellent working relationships with both trustees and receivers and work in conjunction with them to protect our client’s interests going forward. If the situation escalates to the point that litigation is required, we have significant advocacy experience and have regularly appeared before registrars in bankruptcy and on the Commercial List to represent clients in court.
Our Bankruptcy, Insolvency & Restructuring Services
At Ryan Howard Law Firm we provide a wide range of legal services in bankruptcy, insolvency, and restructuring, including:
- advising on financial and operational restructurings
- CCAA and BIA proposal proceedings
- bankruptcy and liquidation proceedings
- enforcing guarantees and security
- negotiating forbearance and accommodation arrangements
- directors’ liability
- receiverships
- discharge of student loans
- petitions
Alternatives to Declaring Bankruptcy
At Ryan Howard Law Firm our business lawyers have many years of experience advising clients in financial difficulties on all options available to resolve their fiscal crises. We have significant experience with securing various creditor’s remedies and in structuring proposals under the Bankruptcy and Insolvency Act, and a comprehensive understanding of all alternatives to declaring bankruptcy.
Bankruptcy
Where a person or business is unable to resolve its financial struggles through formal or informal steps, bankruptcy may have to be considered. Prior to filing for bankruptcy, a lawyer should be consulted to review and explain all possible other alternatives. The consequences for filing bankruptcy will vary depending on how a business is structured.
Declaring Bankruptcy as a Sole Proprietorship or Partnership
If you carry on business as a sole proprietorship or a partnership, your business assets and personal assets are not considered separate. As such, if your business is structured as a sole proprietorship or partnership, a business bankruptcy essentially becomes a personal bankruptcy.
Declaring Bankruptcy as a Corporation
Incorporated businesses are considered separate legal entities and have their own status under the law. Incorporated business provides individual business owners with liability protection.
Effects of Declaring Bankruptcy
Bankruptcy is a formal procedure governed by the Bankruptcy and Insolvency Act. If you declare bankruptcy, all of your assets (except those exempt by law) must be surrendered to a licensed insolvency trustee in exchange for the elimination of all of your debts. The trustee then sells or otherwise transfers the assets to pay your creditors. Any actions against you by unsecured creditors (such as wage garnishments) are stayed.
While bankruptcy is the opportunity to get a fresh start, it has a significant effect on an individual’s credit report. Anyone who has been declared bankrupt is immediately flagged as high risk. This affects their ability to obtain credit in the future and will increase interest rates on any credit that they do successfully obtain going forward. Anyone who has declared bankruptcy must also report their income monthly to their trustee.
Insolvency & Restructuring
At Ryan Howard Law Firm we are well-versed in handling all types of proceedings pertaining to businesses in distress. Located in Toronto, Ontario’s emerging technology and business centre, we are strategically positioned to assist our business clients with their insolvency and restructuring needs. We have dealt with businesses in a wide range of industries, including manufacturing, construction, development and the financial sector. Our Business Law Group works closely with our colleagues in our Employment and Real Estate Groups to provide our clients with effective, comprehensive solutions to their most pressing legal and financial issues.
Scoutland Region Business Lawyers Assisting Clients with Bankruptcy, Insolvency and Restructuring Matters
Ryan Howard Law Firm Business Law Group has been helping clients with bankruptcy, insolvency, and restructuring matters for more than 50 years. We provide creative, assertive, and proactive advice keeping your best interests in mind. contact us online for a consultation.