Insolvency is the financial condition of a person (i.e., individual, corporation, partnership, etc.) that is unable to meet its obligations as they become due or whose property is not of sufficient value to satisfy its obligations.
Insolvency may lead to bankruptcy, but it doesn’t have to. For example, a company can avoid bankruptcy and overall business failure by restructuring its operations or debts. Insolvency and restructuring law provides a legal framework for the insolvent company to explore options and implement the chosen solution(s).
Not all companies can be saved, however. Insolvency and restructuring law therefore also provides the rules and mechanisms for creditors and other affected parties to enforce their rights against the insolvent company and its assets.
McDougall Gauley’s Insolvency & Restructuring Practice Group provides legal services to individuals, companies, creditors (e.g., banks, credit unions, and private lenders), Licensed Insolvency Trustees, and other stakeholders (e.g., landlords, suppliers, and employees) in proceedings under:
- the Companies’ Creditors Arrangement Act;
- the Bankruptcy and Insolvency Act, including bankruptcy, receivership, and proposal proceedings; and
- The Personal Property Security Act.
Our lawyers also represent financial institutions (and other lenders), as well as borrowers, in matters relating to:
- residential and commercial foreclosure;
- personal property security enforcement;
- unsecured debt recovery and judgment enforcement; and
- the Farm Debt Mediation Act and The Saskatchewan Farm Security Act.
Whatever the issue or circumstances, our experience is that retaining legal counsel as soon as possible increases the client’s chances of success.