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.

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

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. 

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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. 

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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.

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

The Future of Retail - Michael Baigel

Posted by Briar Lizmore on Fri, Nov 29, 2013 @ 12:14 PM

Michael Baigel, CIRP, LIT, Vice President, Small Business Restructuring

Retail is a vast topic and is not really a single industry. My insights are not going to be revolutionary. The future will be over-shadowed by one word: Internet.

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Tags: Insolvency & Restructuring, BTG Global Advisory, Small Business Restructuring

Michael Baigel - Using Bankruptcy to Address Fraud - Ontario Bar Association

Posted by Andre Mazerolle on Wed, Feb 29, 2012 @ 09:46 AM

On February 9, 2012, Michael N. W. Baigel  FCA (UK), FIPA, CIRP from Farber and E. Patrick Shea, C.S of  Gowling Lafleur Henderson LLP jointly presented "Using Bankruptcy to Address Fraud" as part of the Ontario Bar Association's Current Topics in Bankruptcy and Insolvency in Toronto.

In his introduction to the presentation, Baigel said, "Either the fraud creates an insolvency, or the insolvency reveals the fraud when the Trustee in Bankruptcy conducts duties proscribed in the Bankruptcy and Insolvency Act, such as taking possession of records and verifying a Statement of Affairs. In either case, there are powers in the Bankruptcy and Insolvency Act that can greatly enhance the ability for funds to be recovered for the defrauded. Thus, making a fraudster bankrupt can be a powerful tool in salvaging an investment or debt, and it is often why a fraudster will fight tooth and nail against a bankruptcy application."

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Tags: Insolvency & Restructuring, Small Business Restructuring, Fraud & Forensic

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