Bankruptcy & Insolvency
Realization and preservation
Areas of focus:Insolvency:
- Secured Debtor Claims
- Receivership Applications
- Unsecured Debtor representation in Insolvency proceedings
- Corporate Advice to companies considering insolvency
- Directors liability in bankruptcy
- Debtor in Possession financing
- Reviewable Transactions
- Security for Cost Applications
- Forbearance Agreements
- Settlements by Consent Judgement
Bankruptcy & Insolvency
The practice of bankruptcy and insolvency law relates to the interplay between the rights a debtor and its creditors. At Baker Law Firm act for both creditors and debtors when faced with a current or pending insolvency. Often commercial insolvency matter require attendance at the Court of Queen’s Bench commercial list and this practice area and forum are somewhat distinct from the balance of Queen’s Bench practice.
From the point of view of secured lender’s often they will require the court’s assistance to install a receiver and manager over the assets of a company who defaults on a senior loan. Other subordinated secured lenders or lenders who have provided financing in the form of a purchase money security interest or PMSI may have claims which require them to have an advocate in a bankruptcy proceeding. Also, landlords and landowner may have claims which require an advocate to ensure their rights are properly considered by the court when dealing with an insolvent person or company.
For debtor companies insolvency is often a last resort. There are often alternatives to a formal insolvency proceeding some of which may see a business survive in one form or another. Directors of corporations which wind up in insolvency proceedings need to be aware of certain liabilities which can flow to them personally as a result of a corporate bankruptcy.
If you have a concern which touches on an area of commercial bankruptcy, asset realization or director liability contact Baker Law Firm today to discuss your options. Please note, that our insolvency practice is limited to commercial insolvency matters and we do not advice individuals facing a stand-alone personal bankruptcy.
Frequently Asked Questions
Director’s liabilities can be a serious an unexpected cost that coincides with the failure of a business. Personal guarantees given while operating can also attract personal liability to individuals who promised to guarantee the debts of a corporation. If you have concerns about either of these circumstances or you want to discuss options to save your business contact Baker Law Firm today.
Suing an insolvent or soon to be insolvent company is a risky proposition. If you are owed money by a corporation who you suspect is insolvent contact Baker Law Firm today as these matters are very fact specific.