#Office of the Superintendent of Bankruptcy

[handeaux]

100 Years Ago, Cincinnati’s Christmas Spirit Was Inspired By A Chinless Comic-Strip Star

Over the past century, a deluge of fads and trends has overwhelmed any effort to demonstrate just how popular a comic strip called “The Gumps” really was in 1923. The comic’s creator, Sidney Smith, earned millions from the syndicated comic and its adaptations for film and radio and related merchandise including toys and games, sheet music, playing cards, even branded food items.

Artist Smith engaged his readers through long story arcs that tossed the Gump family and their neighbors into all sorts of troubles from which they emerged through pluck and the occasional intervention of deus ex machina. Smith is credited with being the first comic artist to kill off a recurring character, a bold move that swamped his syndicate’s offices with letters and phone calls.

The Cincinnati Times-Star was rather late to the game in picking up “The Gumps.” The strip had been running five years before the Times-Star added it to the comics page in February 1922. The strip caught on fast in the Queen City and readers took to the Gump family as if they were neighbors.

The Gump family consisted of Andrew “Andy” Gump, pater familias; his wife Minerva, known as Min; and their son Chester Bim Gump – that middle name inserted on the discovery that Andy’s Uncle Bim was quite wealthy. The Gumps had a dog and a cat and a troublesome but humorous maid.

Which brings us to Christmas in 1923. Andy Gump was a business executive, long-winded, opinionated, but basically a decent fellow. He was the president of a company that manufactured hairbrushes – a long-running gag because he was bald. A story line throughout the autumn of 1923 involved Andy taking on a partner named J. Ambrose Hepwing in a scheme to produce a patented combination hairbrush and mirror. As Thanksgiving gave way to December, Andy learned that his partner had absconded with all the money set aside to build a new factory. The Gumps faced a bleak Christmas indeed as the family was evicted from their home. Andy declared bankruptcy, while offering a reward of $10,000 for information leading to the arrest of the swindler, J. Ambrose Hepwing.

Cincinnati rushed to assist the poor Gump family. A reward of $10,000 – even if offered by a fictional person in a comic strip – certainly attracted attention. The Times-Star gleefully reported on tips sent to the newspaper, like this one from 21 December 1923:

“I saw a man answering your old partner Hepwing’s description on Fifth street to-day. He was riding in a large automobile of foreign make and was decked out in a swell suit of clothes, black and white checked overcoat and covered with diamonds. Followed him to a prominent hotel where he registered under an assumed name.”

John L. Richey, manager of the Adjustment Bureau of the Cincinnati Association of Credit Men, stepped up, sending along a pamphlet outlining how his organization could assist companies faced with bankruptcy. As reported in the Times-Star [18 December 1923] Mr. Richey indulged in a bit of self-promotion:

“I am inclosing herewith, a pamphlet which would indicate just what steps Andy could take in rehabilitating his affairs. I thought this might be interesting to you, as credit men generally are attracted by a condition such as we see facing Andy, might like to see him pulled out of the hole by some such medium, and his crooked friend brought to ‘time’ through the same instrumentality.”

A couple days later, the Times-Star reported that Credit Man Richey had received several letters in response to his offer of guidance to the bankrupt cartoon character. One was an official application to the National Association of Credit Men, Cincinnati Branch, apparently filled out on Andy Gump’s part by an anonymous employee of the firm. The other was a letter from the superintendent of the Verona, Kentucky, public schools, applauding Richey’s offer:

“I too have been following Andy Gump in his political and business career, and I am glad to note that such men as you are to consider such cartoons from their real business, psychological and moral angles.”

The Times-Star ran an editorial on Andy Gump’s tribulations on 21 December 1923, and compared his situation with a number of local investors who had been bamboozled by a con man selling shares in a Panamanian oil company that did not exist. According to the editorial:

“The word ‘gump’ is in the dictionary, where it is defined as ‘a stupid person, a simpleton.’ It seems that Andy is just a type.”

Of course, no Christmas drama would be complete without the pencil-scribbled and misspelled note from an innocent child. Seven-year-old Dorothy Hancock of 4710 Hamilton Avenue came through. She sent along a letter accompanied by a hand-drawn check for $3,000 and a sample packet of complexion powder for Mrs. Gump. Her letter, as reprinted in the Times-Star [22 December 1923] read:

“Dear Mr. and mis gump – so sorry you lost all your money just before Christmas but I hope Santa will not forgit Chester. hope you catch Hepwing and maybe you will get bake to making happy hairbrushes for happy heads. Merry Christmas and a happy new year.”

While following the travails of its star comic character, the Times-Star ran advertisements from the Starr Piano Company on Fourth Street, where, for the price of a dollar, customers could purchase a phonograph record on which Andy Gump himself (probably voiced by cartoonist Sidney Smith) offered Christmas greetings.

In the end, it turned out that Andy’s financial woes were manufactured by wealthy Uncle Bim (short for Bimbo) who wanted to test Andy’s financial acuity before entrusting him with any substantial benefactions. Shortly after revealing these machinations, Uncle Bim was called back suddenly to Australia by a mysterious stranger. Andy and the Gumps stumbled on to further misadventures.

Cartoonist Smith died in 1935 on his way home from signing a $150,000-a-year contract to continue the strip. The syndicate recruited Gus Edison to keep “The Gumps” in print through 1959. One of Edison’s assistants was actor Martin Landau. Among the actors performing in the radio version of “The Gumps,” which aired from 1931 to 1937, was Agnes Moorehead, who later went on to star in the television series “Bewitched.”

[histoireettralala]

Barbin, Mangot, Luçon

Condé's incarceration intensified the power struggle between two factions equally marred by political self-seeking. The rebels' new rallying cry of avenging their leader's arrest could not overcome their moral bankruptcy as a party aimed at transferring to themselves the power and patronage enjoyed by the queen mother's Italian favorites. On the royal side, the arrest was part of a new state policy of firmly resisting rebel demands. That policy shift stemmed from the appointment during the last months of 1616 of a vigorous ministerial triumvirate: Claude Barbin, Claude Mangot, and Armand-Jean du Plessis, bishop of Luçon. The triumvirs' effectiveness was hampered, however, by popular antipathy toward the couple who had put them in power, Concini and his wife, Galigaï.

Of the three "creatures" of the Ancres, Barbin had the most influence, and eventually suffered most severely from the king's wrath after the royal coup d'état of 1617. A shrewd manipulator of money and people, this private financier had advanced his career by leasing the collection of state fees to the profit of his friend, Leonora Galigaï, then became Marie's personal financial director and finally royal superintendent of finance. Barbin took the lead among the new ministers in boldly urging Marie to oppose princely disorder.

Mangot's background was somewhat less controversial. He had parlayed a brilliant law career and legal assistance to Concino Concini into acquisition of the top post in the Parlement of Bordeaux, then briefly served as a secretary of state, and finally as keeper of the seals, thereby assuming the judicial functions —but not the office itself— of chancellor, which post was always for life.

The minister who signed his name Lusson at this time was the last of the three to enter the council, and owed a great deal of his influence with the queen mother and her Italian favorites to the patronage of Barbin. Armand-Jean du Plessis, sieur de Richelieu, was the ambitious scion on his father's side of the petty noble Richelieu-du Plessis family, which had been prone to dueling and overspending, and on his mother's side of the hardworking La Porte - Meilleraye family of robe lineage. He had already come far as bishop of Lucon, orator of the clergy at the Estates General, almoner of young Queen Anne, and personal secretary to the queen mother. In November 1616, he became secretary of state for foreign affairs.

Sympathetic biographers have read more into the future cardinal-minister Richelieu's brief conciliar career of 1616-17 than the hard evidence proves. All we can say with certainty is that he showed himself to be bright and energetic in internal and external affairs. His surviving letters to Ancre were embarrassingly fawning, even for an era that assumed the way to become a favorite at court and stay there included a large dose of flattery and obsequiousness. Luçon also revealed his driving ambition and authoritarian bent to such an extent that, at his fall in 1617, the keenly observant young Louis XIII expressed relief to be rid of his tyranny.

The triumvirate was able to hold the military edge for the royal side against Condé's followers in the desultory fighting of the last months of 1616 and the beginning of 1617, but without finding a moral cause that would definitively tip the balance in this latest miniwar. To the contrary, the ever-escalating level of the Ancre couple's conspicuous privilege and power undermined everything Barbin was attempting to accomplish, and served also to make the queen mother more vulnerable as the Ancres' patroness.

A. Lloyd Moote- Louis XIII the Just

[ratetradecanada-blog]

Best Bankruptcy Lawyers in Ontario - Professional Advice

Understanding Bankruptcy Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of the bankruptcy court.

It is a tool for those overwhelmed by financial distress and unable to meet their debt obligations. In Ontario, bankruptcy is governed by the Bankruptcy and Insolvency Act (BIA), a federal law that ensures a fair and orderly distribution of a debtor's assets to creditors.

Bankruptcy can provide a fresh start, but it also comes with significant consequences, such as the potential loss of assets and a lasting impact on one's credit rating.

The Role of Bankruptcy Lawyers Bankruptcy lawyers in Ontario play a crucial role in guiding individuals and businesses through the bankruptcy process. These legal professionals specialize in insolvency law and are well-versed in the complexities of the BIA.

They provide expert advice, help clients understand their options, and represent them in court proceedings. A bankruptcy lawyer's primary goal is to protect their clients' rights and interests while ensuring compliance with legal requirements.

Finding the Right Bankruptcy Lawyer Choosing the right bankruptcy lawyer in Ontario is essential for a successful outcome. Here are some key factors to consider:

Experience and Expertise: Look for a lawyer with extensive experience in bankruptcy and insolvency law. An experienced lawyer will have a deep understanding of the BIA and can provide valuable insights into your case.

Reputation: Research the lawyer's reputation by reading client reviews and testimonials. A lawyer with a solid reputation is more likely to deliver quality service and achieve favorable results.

Credentials: Verify the lawyer's credentials, including their education, licensing, and professional affiliations. Membership in organizations such as the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) indicates a commitment to maintaining high professional standards.

Communication Skills: Effective communication is vital in legal matters. Choose a lawyer who communicates clearly, listens to your concerns, and keeps you informed throughout the process.

Cost: Understand the lawyer's fee structure and ensure it aligns with your budget. While cost should not be the sole determining factor, it is essential to have a clear understanding of the financial commitment involved.

The Bankruptcy Process in Ontario The bankruptcy process in Ontario involves several key steps:

Initial Consultation: During the initial consultation, the bankruptcy lawyer will assess your financial situation, explain your options, and recommend the best course of action.

Filing for Bankruptcy: If bankruptcy is deemed the appropriate solution, the lawyer will help you prepare and file the necessary paperwork with the Office of the Superintendent of Bankruptcy (OSB).

Meeting of Creditors: After filing, a meeting of creditors is held, where the debtor, creditors, and trustee discuss the case. The lawyer will represent you during this meeting.

Trustee's Role: A licensed insolvency trustee (LIT) is appointed to oversee the bankruptcy process. The LIT will manage the sale of assets, distribute funds to creditors, and ensure compliance with legal requirements.

Discharge: Upon successful completion of the bankruptcy process, the debtor receives a discharge, releasing them from most of their debts. The lawyer will guide you through this final step and address any remaining concerns.

Alternatives to Bankruptcy Bankruptcy is not the only option for dealing with financial distress. Bankruptcy lawyers in Ontario can also help clients explore alternative solutions, such as:

Consumer Proposals: A consumer proposal is a formal agreement between the debtor and creditors to repay a portion of the debt over a specified period. It allows individuals to avoid bankruptcy while still addressing their financial obligations.

Debt Consolidation: Debt consolidation involves combining multiple debts into a single loan with a lower interest rate. This can simplify repayment and reduce financial strain.

Credit Counseling: Credit counseling services provide guidance on managing debt and improving financial health. A bankruptcy lawyer can refer clients to reputable credit counseling agencies.

Conclusion Bankruptcy lawyers in Ontario are essential allies for individuals and businesses facing financial difficulties. They provide expert guidance, represent clients in legal proceedings, and help navigate the complexities of the bankruptcy process.

By choosing the right lawyer and exploring all available options, you can achieve a fresh start and regain control of your financial future.

Contact Us:

Web: www.ratetrade.ca/debt-consolidation

Email: info@ratetrade.ca

Phone: (905) 676 0008

[gadgetsforusesblog]

QuadrigaCX creditors receive 13% of their receivables as 'interim dividend' by Cointelegraph

Creditors of bankrupt Canadian crypto exchange QuadrigaCX will receive 13% of their total claims as part of an “interim dividend”. Corresponding on a May 12 notice to creditors from QuadrigaCX’s bankruptcy trustee Ernst & Young (EY), each “creditor with a proven claim will receive 13.094156% of their proven claim less the levy amount payable to the Office of the Superintendent or Bankruptcy under…

[coinatory]

QuadrigaCX creditors set to receive 13% of their claims as an ‘interim dividend’

As of April 15, 2019, the creditors will get payment equal to the value of their lost cryptocurrency assets. QuadrigaCX, a bankrupt Canadian cryptocurrency exchange, will pay out 13% of its creditors' total claims as part of a "interim dividend." According to a May 12 notice to creditors from QuadrigaCX’s bankruptcy trustee Ernst & Young (EY), each “creditor with a proven claim will receive 13.094156% of their proven claim less the levy amount payable to the Office of the Superintendent of Bankruptcy pursuant to the BIA.” “The interim dividend provides for a distribution of approximately 87.0% of the funds the Trustee is currently holding. The remaining funds will be held as a reserve for future disbursements related to the administration of the bankruptcy. A final distribution will be made at a later date,” EY ad

Read more on QuadrigaCX creditors set to receive 13% of their claims as an ‘interim dividend’

[todaynowreport]

QuadrigaCX creditors set to receive 13% of their claims as an ‘interim dividend’

Creditors of the bankrupt Canadian crypto exchange QuadrigaCX are set to receive 13% of their total claims as part of an “interim dividend.” According to a May 12 notice to creditors from QuadrigaCX’s bankruptcy trustee Ernst & Young (EY), each “creditor with a proven claim will receive 13.094156% of their proven claim less the levy amount payable to the Office of the Superintendent of Bankruptcy…

[college-girl199328]

Earnings week for Canada’s biggest banks saw the country’s major lenders move in lockstep ahead of a projected economic downturn. Each put more money away for a possible rise in credit losses.

Experts say the more expensive cost of borrowing in Canada and the possibility of job losses could catch up with to households and push a growing number into default. However, some believe the extent of the debt pain is likely at least a year away.

Canada’s big six banks — TD Bank, RBC, BMO, Scotiabank, CIBC and National Bank — all reported earnings for their first fiscal quarter this week, with generally similar results. All reported a dip in profits as they put more money aside to handle credit losses.

Digging into the banks’ financial filings reveals a worrying economic picture at the heart of these moves.

BMO’s filings show that the jump in credit loss provisions for last quarter “reflected a deteriorating economic outlook,” though it noted continuing improvements in the business environment after the peak of the pandemic offset some of these concerns.

The Montreal-based lender also pointed to a rapid rise in interest rates — the Bank of Canada hiked rates by a cumulative 425 basis points over the past year, with its next decision coming on Wednesday — as putting strain on its customers.

“The high-rate environment could have a direct impact on our customers through higher borrowing (e.g., mortgage rates) and debt servicing costs,” BMO wrote in filings Tuesday.

But just because banks are preparing for higher credit losses doesn’t mean they’ll come to pass, says Angelo Melino, an economics professor at the University of Toronto.

When banks raised their provisions in 2020 because they were expecting major losses during the pandemic, a healthy dose of government aid offset the rate of defaults for businesses and consumers, Melino tells Global News.

In January, total insolvency filings across businesses and consumers were up 13.5 percent from the previous month and 33.7 percent higher than a year earlier. This is according to the Office of the Superintendent of Bankruptcy. Business insolvencies were up 55.4 percent year over year, the data shows.

Melino says banks are noticing the uptick in bankruptcies as pandemic-era stimulus dries up and businesses are forced to reckon with the evolving operating environment.

“A lot of companies that have been hanging in there no longer can,” Melino says. “So, in addition to everything else going on in the economy, there’s an overhang of stuff that’s been going on from the pandemic.”

Melino says the banks’ hikes to their credit loss provisions essentially confirm the dour economic outlooks that have led to recession calls from forecasters on and off Bay Street.

While credit loss provisions are on the rise amid higher interest rates and economic uncertainty, Veritas Investment Research analyst Nigel D’Souza says these figures are still below pre-pandemic levels and are currently in the process of “normalizing.”

D’Souza tells Global News he sees indications that the credit situation is set to significantly worsen for many Canadians in the months ahead.

Higher interest rates are set to drive debt-serving costs higher for many Canadians with outstanding loans, he says, adding that he expects these figures could “potentially reach a record high” later this year.

Included in the calculation of these costs is disposable income, which means a rise in unemployment — and thereby a drop in income — can also drive this figure higher.

Canada’s labour market has yet to show significant signs of weakness, adding 150,000 jobs in January as the unemployment rate held steady at a near-record low of 5.0 percent.

But Bank of Canada governor Tiff Macklem has cautioned that the low unemployment rate is not sustainable to lower inflation back to the central bank’s two percent target. The Parliamentary Budget Office projected in its economic outlook this week that the unemployment rate would rise to 5.8 percent before the end of 2023.

Melino says that if job losses start to pick up, that will translate to more losses for banks to absorb on consumer debt.

“What happens to the labour market this year is going to be very consequential for those consumer loans,” he says.

When debt-servicing costs rise, credit losses typically follow within two years, D’Souza explains. That implies that a surge in debt-servicing costs this year will see a wave of credit losses follow in late 2023 and into 2024, he says.

“That’s what I think will be a crucial level to pay attention to in terms of determining the risk of credit losses increasing over the next one to two years,” D’Souza says.

One significant source of debt on Canadian banks’ books is their mortgage portfolios.

While there has been some stress in this segment already, D’Souza notes that the main pain of higher mortgage rates mainly hits the roughly 12 percent of mortgages that are set to renew in a given year.

Even when Canadians end up delinquent on their mortgages, those losses don’t tend to make a huge dent in banks’ credit losses, D’Souza adds. Since these loans are backed by the properties themselves, they’re typically well collateralized in the event of a default, he says.

“When you look at the losses in past cycles, the bulk of credit losses is not driven by the (mortgage) portfolio. It’s driven by everything else: auto loans, unsecured lines of credit, credit cards, commercial lending,” he says.

Melino says that the bulk of the bank's mortgages are also guaranteed by the Canada Mortgage and Housing Corp. (CMHC), meaning if there are losses here, it’ll affect taxpayers more than the banks themselves.

While banks may be preparing their assets to cover a possible rise in credit losses, D’Souza cautions that these impacts don’t hit suddenly — they take time to build.

While he says there are “signs of stress emerging,” such as an uptick in credit card delinquency rates and strain on variable-rate mortgage holders, D’Souza says the hit to financial institutions and the wider economy might not take too long.

“It’s not to say that there aren’t any signs of stress taking place. I would emphasize that credit risk does take time to build,” he says. “That doesn’t happen overnight.”

[atlanticcanada]

Growing number of Islanders struggling with debt

The latest numbers from the federal Office of the Superintendent of Bankruptcy show a 15 per cent increase in filings from P.E.I. consumers in 2022.

from CBC | Prince Edward Island News https://ift.tt/JBzmxPA

[icapitalcanada]

All about iCapital business Term Loan

iCapital is a Canadian lender specializing in business term loans. These types of loans are ideal for business owners who have an established business and need fast cash to expand their operations. Whether you are looking to buy equipment, hire additional employees, or purchase inventory, these loans can help you meet your goals.

iCapital also offers a variety of other financing options, including business lines of credit and merchant cash advances. These options can be customized to meet your business's needs. They also feature an automated repayment system through a DC bank, which gives you a higher degree of security than other digital lenders.

The iCapital business loan is easy to apply for and can be approved in as little as 24 hours. During this time, you will be provided with an automatic estimate of your repayment schedule. You will also need to provide personal information and a few other documents. Depending on your business, you can apply for a loan between $5,000 and $250,000. The interest rates vary based on the amount of annual income you are making and the amount of interest you pay.

In addition to offering business term loans, iCapital also offers a secured business loan. These types of loans carry lower interest rates than other types of loans. In addition, these loans can be repaid in as little as five years. In addition, you can choose to repay the loan in advance without incurring prepayment penalties.

To apply for an iCapital term loan, you will need to have a minimum of $10,000 in monthly deposits, a professional office, and a storefront. In addition to these requirements, you will need to be in business for at least 100 days. You must also not have an open bankruptcy on your record, and you must be able to provide proof of your business's profitability. You will also need to have a credit history that is above average.

iCapital also offers specialized funding solutions for businesses that do not require collateral. These include merchant cash advances, lines of credit, and term loans. These loans can be used for anything related to your business, including marketing and purchasing inventory.

To apply for an iCapital loan, you will need to fill out a short online application. Then, you will need to submit a business plan, which is used to determine the amount of the loan and your repayment schedule. You will also need to submit several months' worth of bank statements. In addition, you will be required to provide a signed application. Your application will then be reviewed, and if you are approved, you will be contacted within 24 hours.

Once you are approved for an iCapital business term loan, your repayments will be automatically deducted from your bank account. This process makes it easier for you to manage your cash flow. You can also choose to make your repayments by using iCapital's automated repayment system.

The Bottom Line :

iCapital has a reputation for providing excellent service and high quality products. The company has dealt with a number of Canadian small businesses and is committed to serving them. iCapital is regulated by the Office of the Superintendent of Financial Institutions.

[cdntrustee]

INSOLVENCY TRUSTEE: TURNS OUT CERTAIN ACTIONS AGAINST THE TRUSTEE CANNOT BE UNLEASHED WITHOUT COURT PERMISSION

INSOLVENCY TRUSTEE: TURNS OUT CERTAIN ACTIONS AGAINST THE TRUSTEE CANNOT BE UNLEASHED WITHOUT COURT PERMISSION

What does an insolvency trustee do? In simple terms, the only professional who can help you with a government-regulated insolvency proceeding that may allow you to be discharged from your debt is an insolvency trustee. This may be the best solution for individuals with significant financial difficulties. An insolvency trustee is responsible for carrying out the administration of an insolvency…

[ratetradecanada-blog]

Bankruptcy Lawyers in Ontario

Navigating the financial landscape can be challenging, especially when debts become overwhelming. In such scenarios, understanding the legal options and seeking professional help becomes crucial. Bankruptcy lawyers in Ontario play a vital role in assisting individuals and businesses facing financial difficulties.

This article delves into the services provided by bankruptcy lawyers, the bankruptcy process, and the importance of choosing the right legal representation.

Understanding Bankruptcy

Bankruptcy is a legal process that provides relief to individuals or businesses unable to repay their debts. It allows them to eliminate or restructure their debts under the protection of the bankruptcy court. In Ontario, the bankruptcy process is governed by the Bankruptcy and Insolvency Act (BIA), which outlines the rules and procedures for bankruptcy filings.

Role of Bankruptcy Lawyers

Bankruptcy lawyers specialize in insolvency law and provide a range of services to clients facing financial distress. Their primary role is to guide clients through the bankruptcy process, ensuring compliance with legal requirements and protecting their rights. Some of the key services offered by bankruptcy lawyers include:

Assessment of Financial Situation: Bankruptcy lawyers assess the client's financial situation to determine the most appropriate debt relief option, whether it be bankruptcy, a consumer proposal, or debt consolidation.

Preparation of Documents: Filing for bankruptcy involves extensive paperwork. Bankruptcy lawyers prepare and file all necessary documents, including the statement of affairs, income and expense statements, and creditor lists.

Representation in Court: If required, bankruptcy lawyers represent their clients in court hearings, ensuring their interests are adequately protected.

Negotiation with Creditors: Bankruptcy lawyers negotiate with creditors on behalf of their clients to reach settlements or alternative arrangements.

Post-Bankruptcy Guidance: After the bankruptcy process is complete, lawyers provide guidance on rebuilding credit and financial management to help clients regain financial stability.

The Bankruptcy Process in Ontario

The bankruptcy process in Ontario involves several steps, each requiring careful consideration and compliance with legal procedures. Here's an overview of the typical bankruptcy process:

Initial Consultation: The process begins with an initial consultation with a bankruptcy lawyer. During this consultation, the lawyer assesses the client's financial situation and explains the available debt relief options.

Filing for Bankruptcy: If bankruptcy is deemed the best option, the lawyer prepares and files the necessary documents with the Office of the Superintendent of Bankruptcy (OSB). This includes a statement of affairs, detailing the client's assets, liabilities, income, and expenses.

Appointment of a Trustee: Upon filing, a licensed insolvency trustee is appointed to administer the bankruptcy process. The trustee reviews the client's financial situation, communicates with creditors, and manages the distribution of assets.

Meeting of Creditors: In some cases, a meeting of creditors may be held. During this meeting, creditors have the opportunity to ask questions and review the debtor's financial situation.

Bankruptcy Discharge: The ultimate goal of bankruptcy is to obtain a discharge, which releases the debtor from the obligation to repay most debts. The discharge can be automatic or require a court hearing, depending on the circumstances.

Choosing the Right Bankruptcy Lawyer

Selecting the right bankruptcy lawyer is crucial to navigating the bankruptcy process effectively. Here are some factors to consider when choosing a bankruptcy lawyer in Ontario:

Experience and Expertise: Look for a lawyer with extensive experience in bankruptcy and insolvency law. An experienced lawyer is more likely to provide effective solutions and navigate complex legal procedures.

Reputation: Check reviews and testimonials to gauge the lawyer's reputation. A lawyer with a good track record is likely to provide reliable and trustworthy services.

Communication Skills: Effective communication is key to a successful attorney-client relationship. Choose a lawyer who communicates clearly, listens to your concerns, and keeps you informed throughout the process.

Fees and Costs: Understand the lawyer's fee structure and ensure it aligns with your budget. Some lawyers offer flexible payment plans or initial consultations at no charge.

Conclusion

Bankruptcy can be a daunting process, but with the right legal representation, it can provide a path to financial recovery. Bankruptcy lawyers in Ontario offer invaluable assistance to individuals and businesses facing financial difficulties.

By understanding the role of bankruptcy lawyers and the bankruptcy process, and by choosing the right lawyer, clients can navigate their financial challenges with confidence and move towards a more stable financial future.

Contact Us:

Web: www.ratetrade.ca

Email: info@ratetrade.ca

Phone: (905) 676 0008

[gadgetsforusesblog]

QuadrigaCX creditors receive 13% of their receivables as 'interim dividend' by Cointelegraph

Creditors of bankrupt Canadian crypto exchange QuadrigaCX will receive 13% of their total claims as part of an “interim dividend”. According to a post dated May 12 notification to creditors of QuadrigaCX’s bankruptcy trustee Ernst & Young (EY), each “creditor with a proven claim will receive 13.094156% of their proven claim less the levy amount payable to the Office of the Superintendent of…

[college-girl199328]

Insolvency filings are on the rise in B.C., and across Canada as possible recession looms

The number of people and businesses struggling with insolvency in British Columbia increased substantially in November. There were 974 insolvency filings under the federal Bankruptcy and Insolvency Act in B.C. in November 2022, up from 735 in November 2021, an increase of 32.5 percent.

Most of the filings were not bankruptcies but rather proposals--formal agreements under the act that offer to settle debts on conditions other than their existing terms.

B.C. saw 789 proposals and 185 bankruptcies during the month in question. Both types of filings are considered insolvencies in the statistics released this week by the federal Office of the Superintendent of Bankruptcy.

The B.C. numbers reflect a nationwide pattern. Across Canada, there were 9,784 insolvencies in November, a 17.5 percent increase from the same month in 2021. Looking at the 12 months ending in November, they were up 10.2 percent nationwide compared to the preceding 12 months. In B.C., filings grew by 15.9 percent over the same period.

Grant Bazian, a licensed insolvency trustee and the president of MNP Ltd., told CTV News the increase is the result of several factors. Beginning in 2020, banks and other creditors responded to the COVID-19 pandemic by giving their customers leeway, Bazian said. Collection efforts paused or slowed down at the same time that the federal and provincial governments dramatically increased their financial support for individuals and businesses.

Inflation has increased the cost of living and prompted the Bank of Canada to raise interest rates, making debt more expensive. Government subsidies are also ending.

"Most of the relief that was given during COVID has come to an end," Bazian said. "I think the reality is hitting home for certain households and people, and as a result, they're talking to people like myself--licensed insolvency trustees--about their options, and as a result, filings have increased."

Canada-wide, the number of insolvency filings is still below what it was in 2019, according to Bazian. He said he expects filings to continue to grow in the coming months as costs remain high and economists forecast a recession.

"There's a different tipping point for different people," Bazian said. "Interest rates have increased over the last little while, and I think every time there's an interest rate increase or a reduction in government subsidy, that pushes more people over the edge, and they come to see us."

[cdntrustee]

BANKRUPTCY AND INSOLVENCY ACT OF CANADA TR1ES TO GIVE EVERYONE UNDENIABLE EQUITABLE TREATMENT

BANKRUPTCY AND INSOLVENCY ACT OF CANADA TR1ES TO GIVE EVERYONE UNDENIABLE EQUITABLE TREATMENT

We hope that you and your family are safe, healthy and secure during this COVID-19 pandemic. Ira Smith Trustee & Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting. If you would prefer to listen to the audio version of this Brandon Blog, please scroll to the very bottom and click play on the…