76 - Business Bankruptcy in Canada

As Canadians businesses struggle to find their feet in a new post pandemic era, a significant number report their concern over the potential for Bankruptcy. Add to the mix staff shortages, skyrocketing inflation and rising interest rates - it is a critical time for many small businesses. How does Bankruptcy work for the self employed vs an incorporated or limited company?  Derek Chase, Licensed Insolvency Trustee, discusses business Bankruptcy and how it affects individuals within the business.He also covers:The difference in the terminology between the US and CanadaHow various businesses are structuredThe decision making process with a Licensed Insolvency TrusteeHow employees are covered with the Wage Earners Protection ActCompany Creditors Arrangement Act - Division One ProposalsSteps for filing a business BankruptcyIf you are struggling financially with your business, Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada. About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.  Additional Resources Derek L Chase & Associates Ltd. Licensed Insolvency TrusteeWage Earner Protection Program: Help for Employees During BankruptcyUnderstanding Receivership vs Bankruptcy