How a Licensed Insolvency Trustee Can Help During COVID-19
If you’re dealing with an overwhelming amount of debt due to COVID-19, you don’t have to face the situation alone. A Licensed Insolvency Trustee can walk you through your options and provide the unbiased guidance and advice you need to choose the best path forward. Learn more about Licensed Insolvency Trustees and how they can help you regain control of your finances during this uncertain time.
What is a Licensed Insolvency Trustee?
A Licensed Insolvency Trustee (LIT) is a debt professional licensed by the federal government’s Office of the Superintendent of Bankruptcy to administer bankruptcy and consumer proposals under the Bankruptcy and Insolvency Act. LITs counsel individuals who are struggling with debt and guide them through the entire process of a bankruptcy or consumer proposal.
How Can a Licensed Insolvency Trustee Help Me?
If you’re struggling with debt and wondering what your options are, a free confidential consultation with an MNP LTD Licensed Insolvency Trustee can be a great place to start. After speaking with you and getting a full picture of your financial situation, your LIT will discuss all possible debt solutions available to you, so you can make an informed decision.
When Should I Contact a Licensed Insolvency Trustee?
Not sure if your debt is out of control? If you’re experiencing any of the following situations, you should seek the assistance of a Licensed Insolvency Trustee:
- You’re struggling to keep up with the minimum debt payments
- Your debt grows every month
- Your credit score is sinking
- Debt collectors are calling you
- You’re not saving any money
- You’re living paycheque-to-paycheque
- You’re borrowing money to pay your bills
The Bankruptcy and Consumer Proposal Process During COVID-19
Right now, many Canadians are finding themselves in a tough financial situation—and they may be considering filing for bankruptcy or making a consumer proposal. However, many creditors understand the impact COVID-19 is having on individuals and may offer flexible solutions such as extending deadlines or deferring payments. Before you decide to file, contact your creditors directly to see what they can do for you.
If you have an existing bankruptcy or consumer proposal and you are finding it difficult to meet your obligations, contact your Licensed Insolvency Trustee to discuss any flexibility you may need.
In response to COVID-19, the Office of the Superintendent of Bankruptcy (OSB) has removed the in-person requirements of the insolvency process, so that bankruptcy and consumer proposal proceedings can be administered remotely (i.e. through teleconference and other digital means).
Effective April 27, 2020, court orders have been issued in all provinces and territories to provide Canadians who have filed for insolvency with greater flexibility to meet their obligations. These short-term relief measures, which apply to all active and new insolvency cases filed up to June 30, 2020, include:
- Allowing consumer proposal debtors to miss up to an additional 3 consumer proposal payments between March 13 and December 31, 2020, before the consumer proposal will be deemed annulled;
- Extending the time for holding meetings of creditors and mediations; and
- Extending the time for referring a matter to court with respect to subsection 170.1(3) of the Bankruptcy and Insolvency Act (BIA).
If your business has been impacted by COVID-19, there are a number of federal financial support programs that you may be able to take advantage of. However, if the federal support measures aren’t proving to be enough to keep your business afloat, you may have other options. MNP LTD has Licensed Insolvency Trustees across the country who also specialize in corporate restructuring. We can help your business overcome its financial challenges by developing strategies that meet the needs of all stakeholders involved. Get started today with a free confidential consultation.
COVID-19 Safety Measures at MNP LTD
MNP LTD remains open for business and is fully operational. Our Licensed Insolvency Trustees are here to assist you during these unprecedented times. Your free confidential consultation can take place via phone or teleconference from the comfort and safety of your home.
The health and well-being of our team members, clients, and families continues to be our top priority. We are closely monitoring the changing circumstances and continue to adjust our actions within each community to reflect the local COVID-19 situation. For more information on our COVID-19 safety measures, please contact your local MNP LTD office.
Get to Know Your Options
If you want to break free from the cycle of debt once and for all, your local MNP LTD Licensed Insolvency Trustee is here to help. Together, we can review all the debt relief solutions available to you, so you can make the best choice for your unique situation. Take the first step and book a free confidential consultation with us today.