A formal proposal under the Bankruptcy and Insolvency Act can be an effective solution when creditors are threatening legal action or CRA is about to garnish accounts. The immediate benefit of filing a proposal is a stay of proceedings that can prevent creditors from enforcing security, terminating agreements or bringing legal action. Once the stay is in place, we can take the time to develop and negotiate a proposal with your creditors to avoid bankruptcy.
We can also act as a monitor under the Companies Creditors Arrangement Act to direct a restructuring for companies with more significant liabilities or complex capital or operating structures.