Where can I find a professional Licensed Insolvency Trustee specialized in business insolvency?

Has your business accumulated debt and you decided to consult a trustee? This is the first step towards a better future! But where can you find a skilled professional who can provide the support you need during this difficult time? Here are a few tips to ensure you’ll be in good hands!

In short 

To find the right Licensed Insolvency Trustee for business:

  1. Trust in an official source such as the Office of the Superintendent of Bankruptcy
  2. Verify the firm’s reputation online
  3. Ask questions during your first meeting
  4. Assess your first meeting. The trustee should have managed files similar to yours, be familiar with your industry and be transparent regarding fees
  5. Check that they work with a multidisciplinary team including accountants, lawyers and tax specialists

Finding a professional Licensed Insolvency Trustee (LIT) specialized in business insolvency is slightly more challenging than for personal cases. Managing a company insolvency can be a complex process involving strategy, finance, law, taxation and even employment retention. As a result, a skilled LIT specialized in business insolvency and recovery should understand all of these challenges and work with a multidisciplinary team. Naturally, choosing an established and reputable firm is ideal and the following criteria should help you make the right choice.

1. Put your trust in a licensed organization

Choose a trustee firm with a department dedicated to businesses. For example, Raymond Chabot is licensed by the Office of the Superintendent of Bankruptcy.

2. Verify the firm’s reputation

  • Check out the firm’s website and find out how long it has been in business.
  • Verify whether the trustee firm is a member of a recognized body such as CPA Canada, Turnaround Management Association or the Canadian Association of Insolvency and Restructuring Professionals.

3. Ask questions

Almost all trustee firms offer a free first consultation. During your first meeting, ask the trustee the following basic questions:

  • Have you already managed files similar to mine? Are you familiar with my business sector?
  • Do you have experience in recovery plans? Can you share examples of successful recovery plans?
  • Basically, where would we go from here? An overview could help you make a decision.

4. Assess your first meeting

When you’re under a lot of stress, being at ease with your advisor and trustee is essential.

A professional trustee will:

  • Listen to you and ask relevant questions so they can fully understand your situation.
  • Take time to explain the various debt relief options. Commercial bankruptcy is not the only option.
  • Clearly define their role.

5. Check that they work with a multidisciplinary team

The team should include accountants, lawyers and tax specialists. A multidisciplinary approach is essential to effectively assisting a company in difficulty. Certain trustees have extensive experience in financial forecasts and diagnoses, negotiation and operational restructuring.

In a nutshell, a professional LIT with experience supporting businesses should be familiar with your sector and the issues you are facing. In addition to being part of a multidisciplinary team, they should also be transparent and caring.

Our trustees have guided thousands of entrepreneurs throughout the process. Don’t hesitate to call on one of Raymond Chabot’s Licensed Insolvency Trustees. They can help you find solutions!

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