An arrangement that’s negotiated with your creditors through a consumer proposal administrator, who is also a Licensed Insolvency Trustee. It’s an alternative to personal bankruptcy.
Corporate bankruptcy is a formal process whereby a corporation that cannot meet its obligations is forced into or voluntarily seeks bankruptcy protection, and all of the company's assets are turned over to the Trustee in Bankruptcy who sells them and distributes the funds to the creditors.
Reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs.
Enforcement of creditors' rights under loans, guarantees and security documentation.
Bankruptcy is a formal process whereby debtors who cannot meet their obligations sign over all of their assets, except those exempt by law, to a Licensed Insolvency Trustee in order to sell off those assets to satisfy outstanding debts.
A receivership is a remedy available to secured creditors to recover amounts outstanding under a secured loan in the event the company defaults on its loan payments. A Receiver may also be appointed in a shareholder dispute to complete a project, liquidate assets or sell a business.