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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.

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

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. 

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

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