If you are found guilty or wrongful or fraudulent trading you may need to pay specific debts.
If you are confused or think you will need to liquidate your company then get in touch with Lines Henry on 08 for confidential advice.
TGF is a mix of senior restructuring and litigation lawyers with a full range of expertise gained inside and outside of full service law firms, combined with talented and energetic younger lawyers who thrive in the entrepreneurial environment of a highly focused firm.
TGF has relationships with tax, corporate, real estate, pension/employment and securities lawyers within Canada and in a number of jurisdictions worldwide who are utilised on a regular and reciprocal basis.
The insolvency practitioner will take over the company affairs so it is no longer under control of the directors.
They will then make sure all debts owed are paid back by gathering up the assets.
When a business has a lot of debt company liquidation is often a solution, liquidating a company means using the company assets to pay off debts before closing the company down.
If there is a surplus after payment of all creditors this is distributed pro rata amongst the ordinary shareholders of the company. the process by which a JOINT-STOCK COMPANY's existence as a legal entity ceases by ‘winding up’ the company.If there are insufficient funds to pay all creditors (INSOLVENCY), preferential creditors are paid first (for example, the INLAND REVENUE for tax due), then ordinary creditors pro rata.If there is a surplus after payment of all creditors, this is distributed pro rata amongst the shareholders of the company. trust, we have advised shareholders concerned about liquidity to consider selling their common shares prior to the cessation of trading," said Charles Knight, president and chief executive officer of Ameri Vest.Thornton Grout Finnigan LLP (‘TGF’) is a Canadian law firm with an office located in Toronto, Ontario, practicing exclusively in two areas: ■ Insolvency & Restructuring ■ Commercial Litigation The firm’s reputation and expertise is reflected in the series of high profile retainers it has enjoyed over the years and its wide range of clients including banks and other lenders, private and public companies, regulatory agencies, court-appointed officers and other representative counsel roles.Its various mandates reflect the breadth and depth of the team, and the creativity involved in resolving some of the most complex legal issues in Canada.