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London, ON N6B 2M4

Joint filing

March 5, 2018

You may be eligible for a joint filing in either bankruptcy or a proposal if you are in some way financially related to the person with who you wish to make a joint filing. The relationship does not need to be a blood relationship since, as previously discussed, a corporation may be considered a person […]

Trusting a trustee

March 1, 2018

Many people have concerns about trusting a trustee and sometimes with very good reason. There are a lot of sharks in the debt pool from cagey bankers to sketchy credit counsellors. Trustees fit into the spectrum in different places depending on many factors. Some trustee firms, such as ours, refuse to work with debt referral […]

Receivership versus Bankruptcy

February 26, 2018

Are you confused about when to use receivership versus bankruptcy? The media sometimes uses the terms interchangeably but they mean quite different things and are used for divergent reasons. A receivership is used by secured creditors and a bankruptcy is for unsecured creditors. A receiver is appointed either by the court or by an instrument […]

Do not self-liquidate

February 20, 2018

Self-liquidation is becoming a major problem for Canadians. Far too many consumers sell off their RSPs and take unnecessary loans against insurance policies to deal with debt problems. Such measures should be last resorts, even behind filing a bankruptcy. Many assets are exempt from seizure or sale by a bankruptcy trustee (Licensed Insolvency Trustee). You […]

Joint corporate and personal bankruptcies

February 15, 2018

The definition of a person in the Bankruptcy & Insolvency Act includes a “a corporation” and the Act contemplates the filing of joint files for both bankruptcies and proposals. So, there is no reason why a joint corporate and personal bankruptcy, or proposal, cannot be filed. There may be issues with joint files, imposed by […]

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