2008-09-29
We see many self-employed individuals who wish to continue operating their businesses. In most cases, you can continue to operate your business just the same as you were doing before the bankruptcy. In most provinces, your tools of trade (any assets you use in the business) are protected (seeExempt Assets) and cannot be touched in a bankruptcy or proposal. In BC, the protected amount is $10,000 (auction sale value). If you operate as a sole proprietorship, you can often just continue with your business as you normally would. If you operate through a corporation, it's a bit different. In most provinces, you can't be a director of a company while you're in bankruptcy. You may be able to have a family member assume this role while you're going through a bankruptcy. As well, if the company has a net value (assets are worth more than the company's debts), you should talk to us determine if you can retain ownership of the company and continue operating or to explore other options so that you can continue with your business operations. Judy A. Scott Vancouver - Port Moody - Abbotsford 604-949-2113
2025-11-17
November 16-22, 2025 is National Addictions Awareness Week (NAAW) in Canada. Every year, organizations across the country observe this important week and do what they can to help those who may be struggling with addictions, while raising awareness and sharing information as to how family and friends can create support networks.
2025-11-13
Debt Solutions
Many may feel ashamed, embarrassed and completely overwhelmed about their debt. People experiencing debt-related stress often suffer from many associated health issues, such as sleepless nights, headaches, tension and more. And feeling out of control when it comes to managing their debt payments often prevents people from taking control of their financial situation. Not all debt results from overspending, living beyond one’s means, frivolous behavior or money mismanagement. To answer your questions about the stigma of debt, and to learn about the options available to you, tune into our Stigma of Debt VLOG series below with MNP's Licensed Insolvency Trustees.
2025-11-12
Bankruptcy Consumer Proposal
Summer fun doesn’t have to come with a hefty price tag.
