We can assist you with income tax arrears, student loans, consumer debt, business and farm debt. If your situation requires a formal process our goal is to ensure that you make a fully informed decision that is right for you.
Other factors that may be required to consider are personal guarantees, director liabilities, landlord/tenant issues, commercial liens and other provincial and federal legislation that may have an impact on your situation.
Please contact us with any questions you may have.
Consumer Insolvency is generally identified as an individual with consumer debt such as credit cards, bank or finance company loans, income tax debt, student loans and personal loans who is no longer able to maintain their financial obligations as they come due.
A Business Insolvency may include a corporation, a registered partnership, non-registered partnership or an individual whose business liabilities are more than 50% of the total debt owing. These types of insolvencies may require some different applications and considerations when options are being reviewed. For example a corporation or registered partnership has no exemptions and cannot generally be discharged from bankruptcy. A business will likely file a commercial proposal rather than a consumer proposal with different rules and applications.
Agriculture Insolvency files may be more complex that some businesses as they can have more secured creditors, trade creditors, preferred creditors and farm exemptions are different than those for consumers. Exemptions are governed in Saskatchewan by the Saskatchewan Farm Security Act rather than the Enforcement of Money Judgements Act.
Agricultural producers can file either proposal proceedings or bankruptcy but may also qualify for mediation as well under provincial or federal programs.
Individuals who qualify as producers under the Saskatchewan Farm Security Act can protect farm machinery, equipment, inventory and the home quarter from unsecured creditors in most cases, however these need to be reviewed in a case by case basis.