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Debt Solutions for Business

Are you concerned about the financial health of your business? Considering closing your doors due to a lack of business revenue, or an influx of business debt? Wondering if you should inject more personal assets into your business? You are not alone.

According to a detailed report from Innovation, Science and Economic Development Canada (Small Business Branch), small and medium-sized enterprise ‘deaths’ actually outpace business ‘births’. The same report found that over 80% of business start-ups used personal financing to finance their new businesses. It is no surprise that business owners often have to cope with a struggling business.

How can a Licensed Insolvency Trustee help my Business?

A Licensed Insolvency Trustee can help your business because in Canada they are the only professionals empowered by the Federal Government to help both individuals and businesses legally restructure and write-off debt. For businesses, these insolvency options include: restructuring through the Companies’ Creditors Arrangement Act, receivership, proposal or bankruptcy.

Consulting with a Licensed Insolvency Trustee at the onset of financial difficulties can stop business owners from depleting their personal assets and provide protection from creditors.

As Licensed Insolvency Trustees, Sands & Associates debt professionals can help you evaluate your business, allowing you to make informed decisions as a business owner. Without accurate advice and expertise, a failing business can result in escalated financial stresses including receivership initiated by the bank, lawsuits, bailiff collection and loss of owners’ personal property.

Sands & Associates provides specialized financial advisory services on behalf of both indebted businesses and creditor companies in BC. We work with small to medium-sized businesses to assess overall viability, develop restructuring plans and assist with formal debt reduction processes for businesses, and business owners.

If you think your business may be in financial trouble, here are some of the areas we’ll help you assess and evaluate:

  • Financial viability of the business and opportunities for turnaround
  • Cash-flow and financial statements of company
  • Specific creditors the business owners should be aware of
  • Pros and cons of restructuring the business

If you are a creditor with an interest in a business, Sands & Associates can help you review the business operations, viability and receivership appointments.

Here are some of the solutions to business debts that Sands & Associates can help you with:

Business Proposals

A common misconception among business owners is that the only option to deal with a struggling business is bankruptcy or receivership, nothing in between. Business owners often feel they are at the mercy of their creditors or bank.

The reality is that a Business Proposal can be used to avoid business bankruptcy, stop a receivership and halt escalating collection action, lawsuits or bailiffs.

Read more about how Business Proposals can help to save a business.

Business Bankruptcy

If the decision is made to wind down your business, our team of debt professionals can assist you in executing an orderly liquidation and business bankruptcy.

Read more about the Business Bankruptcy process.

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