DIVISION I - CORPORATE PROPOSALS FOR OTTAWA BUSINESSES
WHEN IS A DIVISION I/CORPORATE PROPOSAL APPROPRIATE?
Corporations who are insolvent and in debt with no limit as to the amount owed.
Individuals who owe in excess of $250,000 not including the mortgage(s) on the principal residence.
Individuals whose complex financial situation may require a Division 1 proposal to resolve their financial situation and the amount owing may be less than $250,000.
COMPLETION OF PROPOSAL AND RELEASE OF DEBTS OWING
If the Division I/Corporate Proposal is filed in Ottawa, Pembroke, Cornwall or elsewhere in Eastern Ontario, and is completed according to its terms and conditions, the corporation or individual will receive a Certificate of Full Performance and the debtor will be legally released from its debts as permitted under the BIA. To discuss your specific situation and the processes that may be involved, contact us today for a consultation.
A division I proposal enables the debtor and its creditors to reach a compromise, preventing the need to file for bankruptcy.
All legal and collection action is stayed.
The debtor pays only a portion of the original amount of unsecured debts and or secured debts covered in the proposal to its creditors.
Depending on the terms of the proposal, can eliminate having to pay all tax debts due for HST and director liability owing to Canada Revenue Agency;
All assets are retained by the Debtor, except those which may be sold as part of the proposal to creditors. Unfavorable leases for a business to remain viable can be terminated.
A corporate proposal enables a business to rebuild and retain jobs for its employees, while offering a better return to creditors, both financially and professionally.
CONTACT US ABOUT YOUR OPTIONS FOR CORPORATE PROPOSALS
At D. & A. MacLeod Company Ltd., we provide professional advice regarding your specific financial situation. A division I/corporate proposal may be the option that frees you or your business of surmounting debt burden in order to rebuild. We can meet you in any one of our convenient locations to answer questions you may have about division I/corporate proposals in Ottawa, Kingston, Pembroke, Cornwall, Smiths Falls, Kanata, or Brockville.
Contact us today online or at 613-236-9111 for a free, confidential consultation to learn about your options. With our assistance, we are confident you can protect your business today and begin on the road to a new beginning™.