Whether you are a sole proprietor or running a corporation, being self-employed can be financially demanding.
As Licensed Insolvency Trustees, Sands & Associates are debt management professionals that can help when your business is in financial trouble. We understand that a struggling business presents not only financial challenges, but is often accompanied by feelings of panic, fear, and disappointment. Since 1990 we have helped thousands of people and BC small businesses get out of debt and move forward with a financial fresh start.
Common Business Debts
Our debt professional often meet business owners seeking help with business debts due to:
- Unpaid Canada Revenue Agency debt:
- GST debt
- Payroll source deduction debt
- Business or corporate tax debt
- Outstanding wages owed to employees or contractors
- Unexpected increase of operating costs (ie. Rent increase)
Debt Solutions for Businesses in BC
- If you are a sole proprietor, this means that your business debts are essentially your personal debts. Filing a Consumer Proposal, or a personal bankruptcy may be possible solutions to deal with your business and personal debts.
- Owners and directors of corporations (limited companies) can manage their business debts using a Business Proposal, or alternatively, a business bankruptcy.
- Many owners do not want to have their business file for bankruptcy – a Business Proposal can be a solution to avoid a business bankruptcy.
- In a Business Proposal, a Licensed Insolvency Trustee will work with the business owner to offer the business creditors a consolidated debt settlement that can greatly reduce the business debt.
Business finances are often intertwined with the personal financial affairs of owners and directors, which can create unintended personal consequences for business owners. A Licensed Insolvency Trustee can explain how business debts affect an individual, and help you and your business get out of debt.
Meet with a Sands & Associates Licensed Insolvency Trustee to learn more about debt solutions for businesses in BC. Book your free, confidential debt consultation today!