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. At DuMoulin Boskovich LLP we urge you to contact us as soon as you recognize that financial problems are mounting.
For Businesses
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,
• you 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.
For Individuals
As an individual debtor, some of the signs that you are in trouble personally include:
• your inability to pay off your expensive charge card debts in full each month,
• the fact that you keep accumulating more and more credit cards or are always at your credit limit on them,
• missing monthly payments on your bills,
• the fact that you take a cash advance on one credit card to pay the minimum payment on other cards, and
• your failure to pay statutory creditors as required.
If you are in this situation, you should carefully consider your financial situation and seek timely advice. Remember that credit card debt is among the most expensive forms of financing available and mounts rapidly.
Insolvency & Realization Practice Areas
DuMoulin Boskovich LLP has experienced lawyers in all the major practice areas including Bankruptcy, Enforcement of Creditors claims, Realization on Secured Claims and in acting for Receivers and Trustees in Bankruptcy.
Bankruptcy
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.
Debt Enforcement
Our lawyers are also experienced in acting for creditors who should see the above list as warning signs to them that their loan is at risk. If you are an unsecured creditor, it is usually to your advantage to be the first creditor to take judgment and try to obtain payment from the debtor. We can seek judgement and take the necessary steps to execute against the debtor’s income, bank accounts, goods and property.
Foreclosure
If you hold mortgage security we can take all the steps necessary to foreclose on your security, obtain judgement and eventually sell the property or try to take title to it. We can also assist home owners in understanding the foreclosure process and their rights in that proceeding.
Security Enforcement
If you are a secured creditor, you may want to enter into an agreement with your debtor whereby you get additional reporting from him or her or from a third party who will monitor that business’ affairs. We have experience in drafting Forbearance Agreements and monitoring agreements.
Receiverships
As a secured creditor, you will have to weigh the expenses associated with acting on your security either directly or indirectly through an agent, or by way of the appointment of a Receiver or a Receiver Manager by way of Instrument Appointment or Court Appointment. We have the experience to help you make the correct decision on which route is the best for you legally, and to help you in selecting the Trustee or Receiver most suited to your needs.
Trustees and Receivers
We have the experienced counsel that a Trustee and Receiver needs to ensure it recognizes its duties and obligations and who can assist in the enforcement of their rights, and documenting and completing all applicable sales transactions.