If you are struggling with insolvency issues in Nanaimo, you will find properly staffed insolvency firms that can help you handle the situation. The experts at these firms are able to comprehensively analyze your financial standpoint before recommending the best course of action. Whether you need help drafting a consumer proposal or filing for bankruptcy in Nanaimo, these firms have you covered. Their debt and insolvency solutions include:
1. Corporate Bankruptcy in Nanaimo
If your business or company is overwhelmed by debt and is unable to meet its operational costs and other key financial obligations, filing for bankruptcy may become inevitable. In this case, the bankruptcy trustee will take control of your company’s assets while unsecured creditors are barred from making further collections. Note that while the trustee may be allowed to continue operating your company for some time, in the end, it will cease operating and its assets will be used for the purpose of paying creditors. If you need help filing for bankruptcy in Nanaimo, these firms can help.
2. Business Reorganization and Viability Reports
These firms are also known to provide reliable consulting services that are aimed at analyzing the viability of any company that is experiencing financial difficulties and recommending changes. Ideally, a consultation may be required when a company is experiencing some temporary cash-flow problems. Alternatively, it could also be requested by a secured lender who is concerned about the overall value of secured assets. Whether you want secured lenders to continue supporting your company during a temporary crisis, you simply want to avoid filing for bankruptcy or a consumer proposal, these experts are able to provide you with the appropriate consultation.
3. Consumer Proposals
This is a great alternative to filing for bankruptcy that involves making a formal arrangement with creditors. Once it comes into effect, all unsecured creditors will be legally stopped from making further debt collection efforts. Instead, you will be making payments to a licensed insolvency trustee firm that will, in turn, distribute the money to creditors. Under this arrangement, you will typically pay less than the amount you owe your creditors. Upon drafting a consumer proposal, with the help of the insolvency trustee, the creditors will meet to vote on it and once it is passed, they will be bound by its terms.
These firms have also specialized in corporate proposals, debt consolidation, and credit counseling. If you would like to file for personal bankruptcy in Nanaimo, the experts at these firms can also come in handy. Their extensive experience in this field enables them to comprehensively analyze your financial situation and recommend the most ideal solution for your unique situation.