What We Think & News/Events

What is a Proposal for a Small Business? - Andy Fisher

Posted by Andre Mazerolle on Mon, May 02, 2016 @ 12:56 PM

Andy Fisher, CIRP, LIT, Partner, Leader, Small Business Restructuring 

It is not uncommon for a small business to hit a bump in the road or to get into financial difficulties.  It could be the costs of starting up the business, the loss of a major customer, expanding too quickly, problems with an employee or not having the proper accounting system to understand costs.  

Whatever the reason, the fact that a small business is having financial difficulties does not mean it has to close down or go bankrupt.

A Proposal to Creditors allows a small business to compromise a portion of its debts and avoid a bankruptcy.  By reducing the debts and allowing for a structured plan to make payments to the creditors, a proposal lifts the burdens of financial difficulties and allows a small business to move towards becoming a profitable business.

Read More

Tags: Insolvency & Restructuring, Andy Fisher, Noah Litwack, Small Business Restructuring, Michael Litwack

Andy Fisher speaking on Stewarding Wealth: Managing Away from Insolvency in Retirement at May 31st Knowledge Bureau Workshop

Posted by Andre Mazerolle on Thu, Apr 28, 2016 @ 08:54 AM

Andy Fisher, leader of the Small Business Restructuring practice at Farber, will be one of the speakers on May 31, 2016 in Toronto at a Knowledge Bureau Distinguished Advisor Workshop. The theme of the Workshop is After the Budget:  Tax-Efficient Retirement & Estate Planning.

Bankruptcy can happen late in life; but can be avoided with proper planning. The time to discuss debt management is before equity and savings are gone &CRA pounces for unremitted source deductions and/or other taxes. Learn how to expand your role to better steward family wealth in three important case studies: when the owner-manager retires and leaves a talent gap, when defacto directors of a deceased business owner are held personally liable to CRA for business’ debts, and when a new owner-director, not previously involved in the business, must sell soon enough to avoid bankruptcy due to their director’s liability. Be a better investigative reporter after this riveting session.

Read More

Tags: Insolvency & Restructuring, Andy Fisher

Should I Put my Small Business into Bankruptcy? - Andy Fisher

Posted by Andre Mazerolle on Tue, Apr 12, 2016 @ 10:00 AM

Andy Fisher, CIRP, LIT, Partner, Leader, Small Business Restructuring

Top 5 reasons why bankruptcy is actually better than just walking away from your business. 

Everyday we speak with business owners whose small business is insolvent. Many have stopped operating their business, for others, they want to shut it down. The owners want to know if they can just walk away from the business or should they put it into bankruptcy. 

Read More

Tags: Insolvency & Restructuring, Andy Fisher, Small Business Restructuring

As a Small Business Owner, What Happens When You Can’t Pay Your Rent and Fall into Arrears? - Michael Litwack

Posted by Andre Mazerolle on Fri, Apr 01, 2016 @ 09:30 AM

Michael Litwack, JD, Manager, Insolvency & Restructuring

When your small business is struggling financially, you need to know your options. For example, what happens if you can’t pay your rent and fall behind?

You can be sure that your landlord will notice if rent payments aren’t made on time. In a best case scenario, the landlord will want to work with you and will recognize that any financial difficulties are only a temporary setback. But if your landlord isn’t confident in your ability to turn the business around, they may look at other options. 

Read More

Tags: Insolvency & Restructuring, Andy Fisher, Noah Litwack, Small Business Restructuring, Michael Litwack

Top 5 Ways for Business Owners to Protect Themselves If Their Business Fails - Andy Fisher

Posted by Andre Mazerolle on Wed, Jan 27, 2016 @ 08:00 AM

Andy Fisher, CIRP, LIT, Partner, Leader, Small Business Restructuring

No one starts a business with a plan for it to fail.  Unfortunately, business failure is a reality.  A recent Industry Canada study concluded that 30 percent of small businesses won’t survive longer than two years, and only half make it to five years. 

Here are the top 5 things business owners can do to protect themselves when their business fails:

1. Do not make family members directors in the company

The directors of a company are personally responsible for unpaid HST, employee source deductions, wages and vacation pay.  Many struggling businesses pay their employees and suppliers ahead of the government. If the business fails, the directors are personally responsible for the outstanding HST and source deductions. Too often, family members who are not involved in the business are named as a director, exposing them to personal liability for some of the debts of the business.

Read More

Tags: Insolvency & Restructuring, Andy Fisher, Small Business Restructuring

How Greece’s Financial Crisis is Like a Company in Financial Crisis, but Different - Andy Fisher

Posted by Briar Lizmore on Fri, Jul 17, 2015 @ 04:12 PM

Andy Fisher, CIRP, LIT, Partner, Leader, Small Business Restructuring


With results in from Sunday’s referendum, and with a surprisingly large percentage of the population voting no to the European Union’s demand for more austerity measures, the Greek government heads back to the negotiating table with its creditors (International Monetary Fund and European Central Bank).

There are many similarities between Greece’s financial crisis and the problems that a company faces when it is having financial difficulty. In simple terms, Greece’s problems stem from the fact that their expenditures exceeded their revenues. They borrowed money to cover the deficit. Eventually, as expenditures continued to outpace revenues, debt levels rose to the point where Greece could not afford to make their loan payments and on June 29, 2015 they defaulted on a 1.5 billion Euro payment.

Read More

Tags: Insolvency & Restructuring, Andy Fisher

Family and Owner-Managed Business

Posted by Andre Mazerolle on Mon, Dec 24, 2012 @ 12:11 PM

At Farber Financial Group, we understand the impact that financial problems can have on a small business owner or manager.

With this in mind, we provide practical, cost-effective solutions that benefit both the small business and the owner. Farber has developed best practices specifically tailored to the needs of small businesses in distress.

Read More

Tags: Insolvency & Restructuring, Jane Woo, Dennis Kish, Andy Fisher, Martin Cyr, Ilan Kibel, Graeme Whitehead, David Ponting, Noah Litwack

Farber Financial Group Announces Four New Partners

Posted by Valerie Chehab on Thu, Jan 27, 2011 @ 11:16 AM

Trustees Melanie Wengle, Jane Woo, Andy Fisher & CFO Alex Fiore Named to Partnership

January 27, 2012 – Farber Financial Group, one of Canada’s largest independent financial advisory services firms, is pleased to announce the promotion of three licensed Trustees in Bankruptcy – Melanie Wengle, Jane Woo and Andy Fisher – along with the firm’s CFO Alex Fiore to the role of Partner. The Trustees practice primarily in the firm’s Consumer & Small Business division. Farber Financial Group offers a range of services through its two divisions: Corporate and Consumer & Small Business.

Read More

Tags: Jane Woo, Alex Fiore, Melanie Wengle, Andy Fisher

SEARCH BLOG