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.

MNP’s Take: As we enter a recession, Canadians are struggling now more than ever to maintain control of financial responsibilities and increased debt loads. With the Canadian dollar experiencing a significant downturn and a global struggle for economic growth causing uncertainty among investors – it’s difficult to ascertain when we can expect a turn around.

In Ontario, we’re finding that companies are experiencing little growth and while our local economy is not necessarily suffering, many businesses are challenged in terms of growing their businesses.

When you’re working 24 / 7 to drive growth, it is not always easy to get a comprehensive picture as to your business’ true financial situation — and where it’s headed.

The practical and legal considerations specific to Indigenous-owned businesses highlighted here warrant an increased level of consideration by insolvency practitioners.

This Solicitor’s Tip explores how to proceed when a business is included in an estate, and what responsibilities an estate trustee ought to be prepared to assume.