Corporate Bankruptcy – An Orderly Winding-Down of Operations
When a corporation suffers extreme and catastrophic financial difficulty such that operations cannot continue on an ongoing basis, stakeholders will sometimes seek bankruptcy as a means to wind down operations.
Corporate Bankruptcy Protection
By filing a bankruptcy, a corporation will benefit from immediate legal protection from its creditors to permit the orderly winding-down of its operations. A licensed insolvency trustee will take possession of the corporation’s assets, and begin a formal process which will ultimately lead to the liquidation of the corporation’s assets and the distribution of the proceeds to the corporation’s creditors, based on their priority, as established in the Bankruptcy and Insolvency Act and other legislation.
Ross Advisory Group
We assist corporate stakeholders in the Greater Toronto Area in navigating the complex process of winding down operations in an orderly manner. Our focus is value-added service – we always work to achieve the most financially-beneficial outcome to all stakeholders in the most efficient manner possible.
Call us today at 416-800-8756 to discuss your corporation’s financial situation. If your preference is to continue your business into the future, there are other debt restructuring options that may be worth exploring.