Bankruptcy & Recievership

Bankruptcy & Receivership

Reduce debt and prevent legal action

Bankruptcy

Deciding to declare business bankruptcy is never easy — but it doesn’t have to be the end of your business. In fact, for many companies, it’s a fresh start.

Filing for bankruptcy immediately stops creditor calls, collection letters, landlord issues, wage garnishments, CRA demands, and employee-related concerns. It provides legal protection and gives you the space to reassess, restructure, and plan your next steps.

When a business struggles financially, it can be overwhelming to understand your options. Simply knowing that solutions exist — and that there is light at the end of the tunnel — can help reduce stress and provide peace of mind. A bankruptcy filing is a practical way to regain control and move forward with confidence.

At RUSSO, we guide business owners through the bankruptcy process in Canada with professionalism, experience, and care. You don’t have to face these challenges alone.

Receivership

A receivership is a powerful alternative or complementary solution to bankruptcy. Unlike bankruptcy, it’s not a legal filing, but rather a way to protect assets, manage operations, or facilitate an orderly resolution of a business.

With over 30 years of experience in receiverships and corporate debt solutions, RUSSO provides the expertise and guidance businesses need to navigate complex financial situations efficiently and effectively.

If your company is facing financial pressure and you want practical solutions for debt restructuring, receivership, or corporate insolvency, contact our office today.

RUSSO CAN HELP.

What are the benefits?

Reduce or eliminate debt
Prevent legal actions
Consolidate dealings with creditors
Get a fresh start

We offer free, no-obligation, consultations with one of our debt specialists. Together, we’ll explore your debt relief options and develop a plan to regain your personal or corporate financial health.

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Frequently Asked Questions Bankruptcy and Receivership

How do I know if bankruptcy is right for me?

Running an insolvent business is stressful for everyone involved. In some cases, bankruptcy may be the most effective way to resolve the situation and allow owners and directors to regain a quality of life free from crippling financial worries. Whether you’re certain bankruptcy is the solution or still exploring your options, your Licensed Insolvency Trustee (LIT) can guide you through the decision-making process and help you choose the best course of action for your company.

How will bankruptcy affect a small business?

The impact of corporate bankruptcy depends on the structure of your business. If your business is a sole proprietorship or partnership, filing for bankruptcy will also affect you personally, since the law treats the business and its owners as one entity. In this case, your personal assets may be included in the bankruptcy and could be used to satisfy business debts.

Will bankruptcy lower my credit rating?

For small businesses, bankruptcy will appear on your personal credit report, similar to a personal bankruptcy. However, if a corporation files for bankruptcy, it does not affect your personal credit report. That said, if you signed agreements making you personally liable for company debts, or served as a Director, you may still be responsible for unpaid payroll remittances, GST, wages, or certain corporate income tax obligations. Your Licensed Insolvency Trustee will walk you through all potential exposures and provide a clear plan to rebuild credit, if applicable.

Do I need a lawyer to file bankruptcy?

You do not need a lawyer to file for bankruptcy. If your situation is complex or you prefer to involve legal counsel, your LIT will work with your chosen lawyer. Most bankruptcy filings, however, can be handled entirely through your Licensed Insolvency Trustee.

You Have Options

It may not feel like it, but there are options to restore your company’s financial health. Explore different routes with guidance from experienced professionals who can help you regain control and plan for a stronger future.