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A boutique Toronto law firm serving
clients across Canada since 1987

Jun 22, 2017

MY CUSTOMER WENT TO A TRUSTEE IN BANKRUPTCY

If your customer (who owes you money) goes to a trustee in bankruptcy, what does that mean? Does your customer's bankruptcy put an end to the collection of the debt owing to you? What about a Proposal? What is the difference between bankruptcy and a Consumer Proposal and a Division I Proposal? What is a Notice of Intention to File a Proposal? These are just a few of the common questions that small businesses have to deal with every day.

Customers face financial challenges. That is a fact of business life. Customers over-extend themselves and make serious money mistakes and suffer catastrophic economic setbacks. And then these customers refuse to pay your invoices. They renege on their promises. They stiff you.

Sometimes your first 'warning' is a late payment. Or you only receive a partial payment. And then what follows are broken promises and excuses. Or perhaps a formal letter from a trustee in bankruptcy. What does the trustee's letter mean? What are your options? To find out more, you need to find a lawyer who knows the ins and outs of the Bankruptcy and Insolvency Act. And the Fraudulent Conveyances Act. For more information, contact Papazian Heisey Myers at 416-601-2701.

121 King Street West, P.O. Box 105 Suite 510
Toronto, Ontario, Canada M5H 3T9
Fax: 416-601-1818

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