Understanding the Work of Debt Collection Agencies in California.pdf
Ottawa bankruptcy surgeson carson
1.
Bankruptcy in Ottawa
Presented by Surgeson Carson Associates
2. Finding a Solution
There are a variety of options that may be available to
you including:
Negotiating with a creditor;
Debt / Credit counselling;
Money Management;
Informal arrangements with creditors;
Consumer Proposal; or,
Bankruptcy
3. Business Solutions
Corporate Proposal / Reorganization;
Voluntary wind-up or Liquidation;
Negotiations with creditors, banks or Revenue
Canada; or
Bankruptcy
4. Bankruptcy
Bankruptcy in Canada is set out by federal law, in
the Bankruptcy and Insolvency Act and is applicable
to businesses and individuals. The Office of the
Superintendent of Bankruptcy, a federal agency, is
responsible for ensuring that bankruptcies are
administered in a fair and orderly manner. Trustees
in bankruptcy administer bankruptcy estates.
5. What are the duties of a trustee?
Review the file for any fraudulent preferences or
reviewable transactions
Chair meetings of creditors
Sell any non-exempt assets
Object to the bankrupt’s discharge
Distribute funds to creditors
6. Keeping assets during a bankruptcy
Property held in trust for any other person.
Any property that is exempt by the laws of the province
in which the bankrupt resides.
Goods and services tax credit payments and prescribed
payments relating to the essential needs of an individual
as are made in prescribed circumstances.
As of July 2008, RRSP contributions made more than a
year prior to bankruptcy being filed are exempt from
seizure.
7. Call Us Today
Call us at (613) 567-6434 today for your own
personalized solution to resolve financial difficulty.
You can also visit our website to learn more about
bankruptcy resolution.
surgesoncarson.com