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Category: Insolvency News

ARE CANADIAN BANKS SET TO FAIL AGAIN

September 5, 2017

Have the banks now put themselves back into a pickle? It would appear that they may have and there are, of course, many very complex reasons why. In 2008/9 Canadian banks were in financial trouble and in need of an injection of over $114,000,000,000.00 of funds from the Federal Government – mostly from CMHC buying […]

ARE BANKRUPTCIES UP OR DOWN?

September 5, 2017

Many people I speak with, who know what I do for a living, tell me “you must be busy, you’re in the right business”. The truth is actually quite different from the perception, the busiest year that Canadian bankruptcy trustees have ever seen was 2009. Since then all insolvency filings have been in steady decline. […]

How many times can I go bankrupt?

September 5, 2017

We are not sure what the upper limited on the number of filings is but the most we have seen is five times. After a second bankruptcy, all bankrupts must attend at court for a discharge hearing. The idea is that people should not be using bankruptcy to deliberately hide out from paying their creditors. […]

Do not fear a Section 161 Examination

September 5, 2017

Section 161 of the Bankruptcy & Insolvency Act allows the Official Receiver to conduct examinations under oath. That all sounds very scary but the practice need not be as intimidating as it sounds. There are a couple of things you need to know if you are called in for an examination. First, anything you say […]

BANKRUPTCY WILL RUIN MY CREDIT

September 5, 2017

Most people who file for bankruptcy have strong credit scores according to Trans Union. It is true that a bankruptcy filing will show on your credit report for a period of 6 years following discharge, for first time bankrupts.   But that doesn’t necessarily mean that you will not be eligible for credit during that period […]