Bankruptcy

When a company’s financial position has deteriorated to the point where a turnaround or formal proposal is no longer feasible, an assignment in bankruptcy may be appropriate. While this option should be a last resort, this proceeding halts further losses to creditors and shareholders. As a Licensed Insolvency Trustee, MNP can administer the bankruptcy estate in a transparent manner according to the provisions of the Bankruptcy and Insolvency Act (BIA). The BIA is legislation that provides for the distribution of the assets of the bankrupt company to its creditors in an orderly and fair way.