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The association between insolvency and distrust may exist, but in reality, it’s often far from the case. In truth, financial distress hits people from all walks of life.
Assessing whether your client is experiencing financial distress does not require access to detailed financial information, but rather facts which are readily available if you keep a keen eye and watch for them.
Even while many Canadian consumers are struggling under a sluggish economy and increased unemployment, many were not deterred from sloshing into the snow to hit the stores for seemingly ‘once in a lifetime’ deals.
The purpose of this article is to give you some idea of what your rights are in a bankruptcy when you are a creditor and aren’t satisfied with some aspect of the process.
As the price of oil continues to affect households throughout Alberta and Saskatchewan, many are falling behind and finding themselves unable to keep up with the day-to-day cost of living, let alone staying on top of their debt obligations.
Ian Schofield, Senior Vice President of MNP LTD's Insolvency and Corporate Recovery practice based in Regina recently accepted the 2016 Regina Consumer’s Choice Award on behalf of MNP Ltd.
The insolvency statistics for March have just been released and they are consistent with the trends for the previous few months. Generally filings are flat across the country except for those provinces affected by the decline in oil prices. Total filings in Canada for the 12 months ended March 31, 2016, were up only 2.8% and were basically flat in Ontario, Quebec and British Columbia.
As of May 20, 2016, Saskatchewan had the highest delinquency rate in the country. Given how significantly Saskatchewan and Alberta have been hit by the oil slump, this doesn’t necessarily come as a surprise to financial strategists and advisors throughout the country.
MNP LTD Trustee Ian Schofield was interviewed by Discover MooseJaw to discuss the increase in insolvencies in Saskatchewan. The original article was originally posted online at Discover MooseJaw on April 5, 2016.
*310-DEBT doesn’t operate in MB, NW ON and QC.
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