Business Bankruptcy Help at A.C. Waring & Associates in Edmonton
Debt Relief for Your Business
A bankruptcy for a small sole-proprietor or partnership business in Canada is essentially the same as a personal bankruptcy, because the people and their assets are the business—there is no separate corporate entity. Just as with a personal bankruptcy, if your business is having trouble paying its debts, a termination of an unsuccessful business may be achieved by bankruptcy.
Bankruptcy Trustees in Edmonton Can Help
Your first step is to meet with a Licensed Insolvency Trustee, who is the professional who will counsel you on the best way to deal with your debt. Unfortunately, because there is no separation between the bankruptcy of a small sole proprietorship or partnership business in Canada, your personal assets will not be separated from the business assets during bankruptcy. That’s why it’s important to review your options with a Trustee as quickly as possible, before the situation gets worse.
Moving Forward with Business Bankruptcy
As in personal bankruptcy, you and your trustee will make a plan to pay as much debt as you can based on your personal circumstances. Bankruptcy restructuring will allow you to keep certain vital assets and essential services. Give A.C. Waring & Associates a call today to get started on a plan toward debt restructuring and financial viability.