Facing Business Challenges? We Can Help!

You’ve spent several years building up your company and it took a lot of hard work. Now that your business is experiencing financial difficulties, you’re having trouble admitting it and, most of all, asking for help. However, there’s no shame in asking for help and it’s the best thing you can do.

In short

There’s no shame in asking for help! Indeed, the role of a licensed insolvency trustee is to help you find a solution to your debts.

They can:

Assess the company’s financial situation objectively;
Offer you tailored solutions;
Support you during the business turnaround process and present the various options available to you;
Help you avoid legal consequences if your debt is not properly managed.

With the right support, you can turn the page more quickly and find peace of mind!

In a way, your business is your baby. You spent endless hours building it, put in a lot of hard work and made many sacrifices. However, given the current economic situation, CEBA loan repayments and the labour shortage, your company hasn’t been as successful as you had hoped. Now your business is facing financial difficulty and you’re struggling to admit it, cope with the reality and turn things around because you don’t want to disappoint your family members, employees and business partners.

In these circumstances, you may feel very alone and tired and experience a sense of failure. However, you have nothing to be ashamed of. It’s time to ask for help because the situation will not improve on its own. Asking for help is not a sign of weakness. On the contrary, it shows that you’re prudent and responsible.

Who can I ask for help?

The best person to ask for help is a licensed insolvency trustee such as those at Raymond Chabot. They can:

Assess the company’s financial situation in an objective manner;
Offer you tailored solutions;
Support you during the business turnaround process and present the various options available to you;
Help you avoid legal consequences if your debt is not properly managed.

1.

Evaluate the company’s financial situation

The licensed insolvency trustee will take stock of your business and its operations and finances before giving you recommendations aimed at turning the company around. Among other things, the evaluation will allow them to analyze the level of debt, liquidity needs and financial outlook.

2.

Offer you tailored solutions

Don’t forget that bankruptcy is not the only solution to commercial debt issues. Based on your situation, the trustee may propose other options such as:

A recovery plan
A voluntary liquidation
A proposal

For more information on alternatives to commercial bankruptcy, read our article on the topic.

3.

Support you during the business turnaround process

The trustee is aware that you’re going through a difficult and emotionally charged period. In most cases, as soon as the trustee is appointed, they’ll communicate with your creditors on your behalf. This makes all the difference and takes a weight off your shoulders.

Furthermore, every step of the way, they’ll explain what you have to do, which documents you must fill in and sign and the applicable deadlines. Thanks to their expertise and support, you’ll begin to feel a sense of relief.

4.

Help you avoid legal consequences if your debt is not properly managed

Licensed insolvency trustees are the only professionals legally authorized to file a consumer proposal or file for bankruptcy. They’re familiar with every stage of the various processes. When you do business with a trustee, you can rest assured that the entire process will be managed skillfully and effectively. For example, they’ll ensure that your creditors receive the amounts to which they’re entitled in order of priority.

In a nutshell, don’t hesitate to ask for help if your business is facing financial problems. We’re here to help! Contact one of our licensed insolvency trustees today. They’ll help you find solutions so you can look forward to a less stressful future. The first consultation is free.