Debt Solutions for Business

Business Solutions Overview

Business Solutions: Why Krieger & Company

Small and medium sized businesses have tons at stake- personal guarantees from owners, the livelihood of their employees, director’s liabilities and more. Businesses often feel that they are at the mercy of creditors or the bank.

Businesses can file proposals

Businesses can take control of their debt challenges. An effective leader doesn’t just let the bank, the government, or other creditors ruin their business without a fight. A division I proposal provides a controlled forum for making deals with your business creditors and is an effective way of restructuring an insolvent business into a profitable one.

Filing a proposal can be used to stop a receivership, an application for a bankruptcy order, demands from your bank, lawsuits, or CRA garnishments and liens.

Businesses can file for bankruptcy

In some cases, there is no go-forward position for a business who has already tried everything. A licensed insolvency trustee (formerly called a trustee in bankruptcy) will handle the assets and affairs of the company and work to maximize the realization for all of the creditors.

Secured lenders can appoint a receiver

Secured creditors, such as financial institutions or private lenders, are required to appoint a receiver in order to realize on the assets of their borrower. A receiver acts much like a trustee in finding the best way to maximize value from the assets covered by the security, however has a primary responsibility to the secured lender instead of the general body of creditors. If your borrower is not holding up their end of the bargain, your first call should be to Krieger & Company to review your options.