As Licensed Insolvency Trustees, we offer formal restructuring processes such as a proposal under the Bankruptcy and Insolvency Act (“BIA”), or a plan of arrangement under the CCAA which, when approved, is binding on all creditors. A formal insolvency proceeding allows for certain benefits to the insolvent company. One is a stay of proceedings, which can give the company the necessary time to draft a plan of arrangement or proposal to creditors. Other benefits to a formal proceeding are the protection from creditors’ collection methods, revising leases and labour agreements, selling assets, and disclaiming contracts. There is also the potential to compromise claims against directors.We can also act in a monitor’s capacity for the corporation while the business evaluates its options, such as recapitalising the business, selling to new owners, or demerging it into elements that can be sold and closing the remainder of the company. We provide monitoring services for lenders under look-see engagements and Companies’ Creditor Arrangement Act (“CCAA”) matters. As a last resort, we can also oversee the winding up of a corporation under the Winding Up and Restructuring Act (“WURA”) or other provincial legislation, which involves redistributing the assets and property of the company to another as either a going concern or a bulk sale. We also often act as Court-Appointed or private receivers for banks, lenders, and other secured parties often with the concurrence of the principal/guarantor’s request to help ensure a minimization of costs while helping to maximize realizations.
Our insolvency services include, but are not limited to, the following areas:
- Look See/Viability Reviews for Secured Creditors
- Monitoring Services for Secured Creditors or under the CCAA
- Court and Private Appointed Receivers and Managers
- Proposals and Bankruptcies under the BIA
- Insolvent Liquidations
- Forensic Investigation