Frequently asked questions
Will I be able to stay in business?
It all depends on your particular situation. If your company is viable in the long run and you want to put forth a financial recovery plan, a postponement proposal may be the right choice for you. In this case, the resources and reputation of Raymond Chabot will definitely help you convince your creditors to agree to your proposal.
As company director, what are my personal responsibilities?
In general, directors may be held responsible for the company’s debts, including government debts and debts related to salaries and vacation pay.
If I file a notice of intent to present a postponement proposal, will I be able to keep my line of credit?
In the case of postponement proposals, the bank must honor its commitment once a notice of intent to present a proposal is filed. When the line of credit is up for renewal, however, it will be up to your lender to decide whether to maintain your line of credit. To maximize your chances of keeping your line of credit, you should inform your lender of your situation. Our advisors can help you discuss this with your lender.
Will my customers be informed?
No. In the case of corporate recovery, only creditors and suppliers to whom you owe money must be informed by the Licensed Insolvency Trustee in bankruptcy.