Unfortunately, often people do not look for help to deal with personal or business financial problems until it is too late to save themselves or their business. DuMoulin Boskovich LLP has experienced lawyers in bankruptcy. We urge you to contact us as soon as you recognize that financial problems are mounting.
As a businessperson you will know that your business is not doing well when:
- You have recurring losses on a month to month basis,
- You are operating at the maximum level of your line of credit at all times,
- Vou are holding back payments to creditors in hopes that your cash flow will improve,
- You are starting to breach your financial covenants to the Bank in terms of debt coverage or equity in the business, and
- You are not paying your statutory obligations as and when due.
Even though you may think that the financial problems you have are overwhelming, you should contact our lawyers who can advise you on your choices, or a course of action to resolve your problems. Many times creditors are willing to enter into a formal proposal under the Bankruptcy and Insolvency Act, an informal arrangement or even accept a debt repayment plan or a reduced payment as opposed to nothing.
We urge you to contact our lawyers about personal and corporate proposals, arranging informal settlements with your creditors and if necessary, defending claims by your creditors on guarantees or other debt instruments. We can also put you in contact with other professionals who can assist or who you need to go to for formal bankruptcy proceedings.