The COVID-19 pandemic and catastrophic collapse in oil prices have devastated organizations across the country and around the world. Businesses that have never experienced financial difficulties before are suddenly facing all sorts of new and frightening questions.

If you have golf course clients struggling financially, be prepared to navigate their unique insolvency needs.

In an article written for Rebuilding Success, MNP LTD’s Sheldon Title, CIRP, LIT, CPA, CA and John Haralovich, CIRP, LIT, CPA, CA, CMA, CFE, recently discussed federal changes to the Wage Earners Protection Program Act (WEPPA) and what increased payments and eligibility adjustments mean for Canadian debtors and employers.

The number of corporate reorganizations that have taken place in the past decade has increased significantly in Canada. There have been several high-profile transactions that have raised the level of awareness of terms such as CCAA (Companies’ Creditors Arrangement Act), NOI (Net Operating Income), Proposal, BIA (Bankruptcy and Insolvency Act) and Chapter 11 to the ordinary citizen.

The question of who pays for the environmen­tal clean-up of a bankrupt company is one that has dogged Canadian insolvency prac­titioners for years.

According to a recent Supreme Court of Canada decision released on Thursday, January 31, 2019, the assets of insolvent exploration and production companies must go first to reclaiming abandoned wells before paying creditors.

Both parties in a creditor-debtor relationship benefit from clear communication, mutual respect, and a shared understanding of the facts. Viability assessments are one tool for achieving that.

MNP LTD. will acquire PwC Debt Solutions, the Atlantic Canada Personal Insolvency practice of PwC Canada (PricewaterhouseCoopers LLP) effective March 1, 2016.

Many business owners reach out to me for restructuring advice. On every consultation my first question is “is your business incorporated?”

This is a question that gets asked quite frequently in insolvency files. Do we have any rights? If so, what are they?