Do you want to file a proposal for your corporation? At York Credit we’ve worked with different kinds of corporations in dealing with financial hurdles. Companies in Canada are allowed to file a Division 1 proposal. Unlike a consumer proposal which is filed when the total debt is lower than $250,000, there is no maximum limit on the amount that can be included when filing a Division 1 proposal. This proposal may allow the company to shed some of its debts, pay creditors reduced payments or make changes in the corporation’s affairs to make it more viable.
There are several steps to take when filing a commercial proposal. The first step should be to discuss your company’s financial situation with our licensed trustee. We can help you to review several steps that your organization needs to take in order to become viable. Our consultants will review your company’s sales and expenses, assess your debts and assets in order to come up with a financial solution that works best.
We can help you to file a Division 1 proposal and prepare the required documents to be sent to your creditors. Our consultants will even attend meetings with the company’s creditors in order to review the terms of the proposal and ensure our client’s best interests are considered.
Many corporations opt to file a Division 1 proposal as an alternative to filing for bankruptcy. This proposal is actually a suitable option when the corporation has a core business that is likely to be viable in the long term. Creditors will accept the proposal if they will be able to recover their money once the company has met the obligations that have been outlined in the proposal.
We will help you to go through your credit card statements and check the outstanding balances to know how much you owe. We will discuss every aspect of the settlement process and ensure the terms you get from the creditors are very favorable. All your monthly expenses and income will be reviewed by our credit counselor. We will then work out a payment plan that you can afford and recommend other solutions that will easy your financial burden.
We only consider settlements that are fair for our clients and based on their current financial state. York Credit doesn’t make false promises. We always keep our word. Our goal is to ensure you save as much as you can by reducing or eliminating interests and fees. We even recommend a suitable legal professional if need be.