Rising wages put small business owners back on the front lines

Last modified: October 12th, 2018 by Licensed Insolvency Trustee
Rather than spending time planning for the future, many business owners are finding themselves moving back to front lines—working the floor and getting their hands back into day-to-day operations. In this new reality of increasing minimum-wages, business owners...

Is a Forbearance Agreement in your future? Here’s what you need to know

Last modified: July 18th, 2018 by Licensed Insolvency Trustee
Is a Forbearance Agreement in your future? Here’s what you need to know Your business has been struggling and now the bank wants you to sign a Forbearance Agreement. This legal tool, which lenders use when borrowers breach the terms of their loan covenant, is intended...

Hiding from the bank? Here’s what you need to know

Last modified: July 17th, 2018 by Licensed Insolvency Trustee
Hiding from the bank? Here’s what you need to know Banks can be a small business owner’s best ally, providing financing for big projects and helping to ease cash flow for day-to-day needs. But when the books are in the red and unpaid bills keep piling up, a letter or...

When’s the best time to call a Licensed Insolvency Trustee? Before it’s too late

Last modified: June 26th, 2018 by Licensed Insolvency Trustee
When’s the best time to call a Licensed Insolvency Trustee? Before it’s too late Revenues and accounts receivables are dwindling, and creditors keep pounding on the door. The challenges of running a company can feel overwhelming in the best of times, but when money...

Are you personally liable for your business debts? The answer may surprise you

Last modified: May 25th, 2018 by Licensed Insolvency Trustee
Are you personally liable for your business debts? The answer may surprise you Incorporating a business offers several benefits, including lower taxes on company income and limited liability for the company’s founders and shareholders. The latter is one that’s often...

Ontario’s minimum wage increase has an impact on Small Businesses

Last modified: February 1st, 2018 by Licensed Insolvency Trustee
The low down on a higher minimum wage: What it means for small business Two dollars and forty cents may seem like small change. But for Ontario businesses, this amount could spell the difference between staying successful and struggling to stay afloat. That’s because...

When Bringing in the Professionals Makes Clear Business Sense

Last modified: January 26th, 2018 by Licensed Insolvency Trustee
When Bringing in the Professionals Makes Clear Business Sense Entrepreneurs are an independent lot who aren’t afraid to roll up their sleeves and do whatever it takes to make their company succeed. For those with young or small businesses, this often means doing most,...

Restructure or do nothing? Taking action now may save your business

Last modified: January 19th, 2018 by Licensed Insolvency Trustee
Restructure or do nothing? Taking action now may save your business Building a business takes an enormous investment of time, money and passion. So when their venture gets into financial trouble, it can be hard for business owners to acknowledge the problem. Some...

Danger Ahead: 6 Signs of a Struggling Business

Last modified: January 8th, 2018 by Licensed Insolvency Trustee
Danger Ahead: 6 Signs of a Struggling Business From brand awareness to operational efficiency, so many factors can make or break a small business. It’s no surprise that thousands of companies fail each year. According to the latest figures from Statistics Canada, in...

The Impact of Sears Canada’s Liquidation on Small Business

Last modified: December 13th, 2017 by Licensed Insolvency Trustee

If your small business is struggling financially, it can be tough to keep up with the bills. Unfortunately, some struggling small businesses find themselves unable to pay their rent.

Does a Small Business Bankruptcy Affect Me Personally?

Last modified: August 14th, 2017 by Licensed Insolvency Trustee
How does a small business bankruptcy affect me, the business owner? We hear a lot of questions when small business owners come in to discuss their finances and the future of their businesses. Probably the most important question, and the one we are most sensitive to,...

Top 6 ways to protect yourself if your business fails

Last modified: July 13th, 2017 by Licensed Insolvency Trustee
How Business Owners Can Protect Themselves if their Business Fails No one wants their business to fail. Business owners go into business with dreams of success and profitability. However, for a number of different reasons, it doesn’t always work out. Unfortunately,...

How do I restructure my small business?

Last modified: March 22nd, 2018 by Licensed Insolvency Trustee
Small Business Restructuring There are many reasons why a business may need to consider restructuring. These reasons include difficulty in repaying or overcoming high start-up costs, the costs associated with over-expansion, expansion into unprofitable areas, the loss...

Should I put my small business into bankruptcy?

Last modified: March 22nd, 2018 by Licensed Insolvency Trustee
Is Small Business Bankruptcy the Right Choice for Me? One of the most difficult decisions that a small business owner ever has to make is whether or not to put his or her business into bankruptcy. Obviously, every business owner goes into business hoping for success,...

What is a small business bankruptcy?

Last modified: March 22nd, 2018 by Licensed Insolvency Trustee
Small Business Bankruptcy in Canada Small businesses that are struggling financially eventually need to make a decision about the future of the company. One option that small business owners may consider is small business bankruptcy. Bankruptcy is typically the most...

Small businesses and a proposal to creditors

Last modified: November 16th, 2016 by Licensed Insolvency Trustee
Small Businesses and a Proposal to Creditors Many people believe that, when a business has financial difficulties, the only option is to file for bankruptcy. This isn’t true. While bankruptcy may be the most well-known way that businesses deal with significant...

Are creditors threatening collections or legal action?

Last modified: April 3rd, 2018 by Licensed Insolvency Trustee
Are creditors threatening collections or legal action? Struggling small businesses can fall behind on payments to suppliers or other creditors. They may also get into disputes with suppliers and creditors which can result in legal action. Calls from collection...