Commercial Bankruptcy in Montreal
After considering all solutions, commercial bankruptcy is often the last avenue taken by a business, or which a business turns to. Once bankruptcy is filed, the licensed insolvency trustee will take all control of the company’s assets and proceed to the following steps:
- The written inventory of all the company’s assets
- The establishment of a property insurance policy on behalf of the licensed insolvency trustee
- Implementation of a liquidation strategy
- Meeting of creditors during a general assembly
- Confirmation of licensed insolvency trustees and nominated inspectors among creditors
- Sale (liquidation) of assets by the licensed insolvency trustee
- Distribution of dividends between creditors
- Approval of receipts and disbursements by the regulatory authorities
- Closing the file
As commercial bankruptcy can be a tedious process, it is essential to choose the best advisors that will permit you to maximize the value of your company, by respecting the business owners and their creditors.
There are many advantages to entrusting your commercial bankruptcy to one of our licensed insolvency trustees, including:
- Organised liquidation structure.
- Total procedural transparency.
- Implemented provisional measures.
- Governance process as per the law and the courts.
- Release from all responsibilities related to environmental matters.
- Follow-up according to ethics code regarding commercial bankruptcies.
The specialized knowledge and the expertise in various areas of the advisors from BLT Lapointe & Associates Licensed Insolvency Trustees Inc. being legal, accounting and administration, will ensure you the best result possible. Please contact them to know the different options available to you.