Sometimes people end up as the liquidator or heir of an insolvent succession. Essentially, an insolvent succession is when the value of the deceased’s debt is greater than their assets (property, cash, etc.). Having to manage creditors while you’re grieving isn’t easy.
How does bankruptcy work for a succession?
If you work with a Licensed Insolvency Trustee at Raymond Chabot, we’ll liquidate the succession’s property. You won’t have to handle creditors or their countless phone calls, emails and letters. We’ll sell the deceased’s property to pay back their creditors. Any remaining funds will be given to the succession’s heirs.
Benefits
- Most files are settled within 9 months
- Funeral and succession management costs and notary fees can be paid or repaid
- Simple procedures will be put in place to settle the family patrimony or partnership of acquests
- By transferring assets to a Licensed Insolvency Trustee, you can steer clear of hassles related to the succession and its creditors
- By putting the succession into bankruptcy, the liquidator no longer has any responsibilities under the Québec Civil Code (e.g., environmental issues, operational company, potential tax debts).
In addition to these benefits, remember that like all of Raymond Chabot’s services, this process is entirely confidential.
If you are upset by the loss of a loved one and the financial problems of the estate, make an appointment with one of our experienced counsellors.