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Apr 102012

Dealing with business debt – BDO talks to 570AM 

Category : Proposals, Tax debt, Canada Revenue Agency (CRA), Business debt

Whether it is business financial problems or personal financial problems, talking about debt can be emotionally and psychologically challenging. 

On March 31st, Susan Taves and Rob Smith from BDO’s Kitchener-Waterloo office were interviewed on 570BDO Debt help - Kitchener Waterloo - Business Debt Solutions News’ “Ask the Experts”,  answering questions about dealing with business debt.  Susan and Rob explained how BDO helps business owners shift away from thinking about business failure, and instead, gets them thinking about turning around the company to make it profitable once again.

Susan discussed some of the warning signals for business owners such as challenges in making payroll or paying government remittances (such as HST). Rob also explained how BDO can help business owners restructure debt through a business proposal to creditors (also known as a Division I proposal) and walked listeners through the process if a company was to cease operations, outlining the benefits of dissolving a business through a statutory bankruptcy to help properly wind-down a company.

If you are experiencing business financial problems talk to BDO. We'll answer your questions about business proposals to creditors, your employees’ unpaid wages, how CRA debt is handled or what your personal liability would be if the company goes bankrupt. We offer a no-obligation consultation to review your situation to help identify the key issues and discuss strategies to deal with business debt. 



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