Company FAQs

As soon as your business experiences persistent financial difficulties (late payments, mounting debts, exhausted lines of credit, overdue taxes), it's advisable to consult a licensed insolvency trustee. An early diagnosis will enable you to consider viable solutions for preserving your business or managing closure in an orderly fashion.

A proposal is an agreement negotiated with creditors to restructure debts while continuing operations. This procedure makes it possible to quickly suspend creditors' recourse and prevent assets from being seized.

Bankruptcy involves ceasing operations and liquidating assets to repay creditors. The trustee helps you determine the best option for your company's situation. In such cases, we also analyze the consequences for the administrators' assets in order to offer a global solution.

Under a proposal, your company can continue to operate in the normal course of business. This procedure makes it possible to maintain jobs, honor certain commitments and restore your financial situation, while reducing your debt burden.

In bankruptcy, assets are transferred to the trustee and must be liquidated. Consequently, the company must cease operations.

The syndic ensures that employees' rights are respected. Wages, vacation pay and other amounts owed are among the priorities for reimbursement, according to the rules in force. Certain government programs may also be of assistance.

If you have personally guaranteed certain company debts (e.g. lines of credit, leases, loans), you could be held liable even after the company has gone bankrupt. The trustee will help you analyze your personal commitments and recommend the best solution, taking into account the interests of the company and its directors.

The first consultation is free of charge. It enables you to understand your situation, your options and the possible steps you can take, without any obligation. Thereafter, if formal steps are taken, fees are regulated by law and vary according to the case.

Administrators may be held liable for certain unfulfilled obligations (e.g., source deductions, taxes, salaries). A meeting with a trustee can help you assess the risks and guide you toward the right course of action.