Canadian Business Law. Canadian Corporate Law.

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Also refer to: Banking/Business Law | Bankruptcy and Insolvency Law | Antitrust, Competition Law | Construction Law | Contract Law  |  Franchise Law | Intellectual Property Law |  Mergers Acquisitions Law |  Starting a Business | Taxation Law |

Corporations

Canadian Business Law Topics on this page:

Canadian Business Law -Issues covered by Canadian Business / Canadian Corporate Law

Some of the issues covered by Canadian Business Law / Canadian Corporate Law are:

 

 

Canadian Business Law - Incorporating a Business

When a company is incorporated a new legal entity is created.

Canadian Business Law - Benefits of Incorporating

 

Canadian Business Law - Protecting Assets from a Financial Disaster

 

Commercial Bankruptcy, Insolvency

Businesses can be petitioned into bankruptcy or placed into receivership by the financial institute or lender who has security. The lender, when he has evidence to suggest the business is in serious financial difficulty, will take this action in order to cut his losses and to realize on his security. Lender use insolvency lawyers to ensure they are acting within the law and to preserve their rights to pursue the principal personally for any shortfall.

A principal of a business often has compelling reasons for placing the business into bankruptcy or convincing the lender to place the business into receivership:

 

Canadian Business Law - Commercial Proposals

More businesses "go under" or fail than is necessary! Very often a business can be "saved" if caught in time. Even if a company is insolvent it may be possible to save the company by using a provision under the Bankruptcy and Insolvency Act to file a Proposal, (an arrangement) with the creditors of the company.

The way a Proposal works is that a company, through a Trustee in Bankruptcy, files the Proposal ("offer"), to the company's creditors asking them to accept less than the monies they are owed in order that the company might survive.

The trustee works with the owners of the company in drafting a Proposal that presents a "win - win" situation for both the company and the creditors. Typically, the creditors are asked to give up rights to the monies they are owed in exchange for an offer by the company to pay so many cents on the dollar (say, 25 or 50 or 75 cents) over time. Sometimes the company pays back 100% of what it owes but it is granted a period of time, say 6 months or a year, in which it makes no payments.

In a successful Proposal the company wins because it survives. The creditors win because they retain a customer and also because they get some of their money whereas in a bankruptcy they probably would get nothing.

There are two types of professional a debtor can get help and advice from; an insolvency lawyer and a trustee in bankruptcy. Every debtor who's business goes into bankruptcy, receivership, or files a proposal must deal with a trustee in bankruptcy as only trustees are licenced by the federal government to administer bankruptcies and proposals.

A debtor should seek advice from an insolvency lawyer if he has complicated issues or if a considerable amount of money is involved. Trustees are trained to recognize complicated issues that debtors have and often refer debtors to an insolvency lawyer in order to avoid a conflict.

 

Canadian Business Law - Tax

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This site included the following tax information:

 

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