Notice of intent to make
a proposal
The notice of intention is a quick and strategic measure that enables a company in difficulty to protect itself legally while it prepares a recovery plan. As soon as it is filed, your company is protected by the Bankruptcy and Insolvency Act from legal recourse by its creditors – with certain exceptions provided for by law.
You then have an initial period of 30 days to draw up a concrete proposal to present to your creditors. This deadline can be extended with court approval, if necessary.
This process is supervised by a licensed insolvency trustee. Our professionals are with you every step of the way, explaining clearly what’s involved and answering all your questions, so you can make informed decisions.
Is the notice of intent to make a proposal procedure the right solution?
If any of these statements apply to you, a notice of intent may be the right solution.
Your company is going through a liquidity crisis.
Your company’s bank account is seized by the tax authorities.
Your financial institution threatens to revoke your line of credit.
The situation is evolving too quickly, and you feel the need to take a step back.
The advantages of a notice of intent
Proceedings against your company are suspended
As soon as you file a notice of intention to make a proposal, your company’s creditors must suspend the proceedings they have initiated against it.
You get time to see things more clearly
The law can give you up to six months to prepare a settlement offer to your creditors and a recovery plan for your business.
Payment of your company’s debts is suspended
Payments to creditors are generally suspended. Funds from your current operations pay your ongoing obligations: wages, rent, supplies, etc.
You can cancel certain contracts
The law allows your company to terminate contracts that are detrimental to its survival. For example, certain real estate leases or rental agreements can be terminated.
The stages of a
notice of intent
Find out how a notice of intent works, and what it means for your company.
At the first meeting, your BRESSE advisor performs a complete analysis of your company's financial situation. If filing a notice of intent is the best option, the required documents are prepared without delay - sometimes within hours, or even minutes, depending on the urgency.
At the first meeting, your BRESSE advisor prepares and electronically transmits the notice of intent to the government. From that moment on, you benefit from immediate protection against creditors' claims.
As soon as the notice of intent is filed, your advisor will contact your creditors to inform them of the process and ensure that they fully understand your rights and obligations.
Within ten days of filing, your advisor will help you prepare a cash flow forecast. This document can be used to assess the company's ability to maintain operations during the proposal preparation period, or to identify a temporary financing requirement.
At the end of the initial 30-day period, or any extension granted by the court, your company submits its formal proposal to its creditors. This will have been carefully worked out with your BRESSE advisor to meet your objectives and ensure the viability of the process.
Real-life cases of corporate debt resolved thanks to our expertise.
Find out how BRESSE has been able to offer tailor-made solutions for every situation.
Mélanie and Karine’s dispute
"Thank you to the BRESSE team for taking the time to explain the options available to me. The solution suggested by my professional enabled me to avoid bankruptcy."
Jean-François’ company’s lack of liquidity
"When things started to fall apart, I didn’t know where to turn. I couldn’t sleep anymore, I was afraid I wouldn’t be able to pay my employees, and I saw my years of working 70+ hours a week slipping away. At my first meeting with Émile, I felt like I wasn’t alone anymore. He took the time to understand my reality, to speak with my bank and even with the tax agencies to find a viable solution."
Jonathan’s construction company
"Thank you to Émile and his team. I was taken care of the very same evening I contacted the Bresse team. In just under an hour, Martin broke down the problem and clearly explained the possible solutions to me."
Marie-Ève’s boutique
"Thank you to Martin and his team. I was taken care of the very same evening I contacted the Bresse team. In just under an hour, Martin broke down the problem and clearly explained the possible solutions to me."
Other solutions
Commercial bankruptcy
Business bankruptcy allows a company to cease operations while ensuring its liabilities are settled and future problems are avoided. In many cases, it is the most direct path to a fresh start.
Concordat proposal
Negotiating an agreement with creditors to protect your business is often a more attainable option than you might think.
Informal agreement with creditors
An informal agreement allows you to negotiate with your creditors for a debt reduction or an adjustment of repayment terms tailored to your company’s financial situation.
Financial recovery
Financial restructuring involves thoroughly reviewing a company’s financial obligations and management to make it viable and competitive. This process helps identify concrete solutions to reduce debt burdens, improve profitability, and sustain long-term operations. The goal is to restore the company’s strength, enabling it to face the future on a solid and sustainable foundation.