310 Debt To Merge With MNP
Tuesday, May 24, 2011, Calgary, AB - Herpers Chagani Gowling Inc. (310 DEBT), a southwestern Ontario-based insolvency firm, will merge with Meyers Norris Penny LLP (MNP), one of Canada’s largest chartered accounting and business advisory firms, effective August 1, 2011.
310 DEBT has been helping individuals and corporations manage debt since 1996. They deliver services in debt reorganization, reduction and elimination through the Bankruptcy and Insolvency Act proposal and bankruptcy processes, credit counselling and direct negotiation with creditors. They also provide credit counselling, consumer proposal and personal bankruptcy services. They operate from four regional offices in Hamilton, Kitchener, Mississauga and London as well as from 20 satellite offices across southwestern Ontario. “MNP is very excited about this merger. Not only will we be strengthening our insolvency practice by gaining additional expertise and resources in 15 existing MNP locations, we are adding 9 new locations to help us meet the financial needs of the community and marketplace,” said Daryl Ritchie, CEO, MNP. “From a business perspective this is an exciting opportunity, but our top priority at the moment is to work closely with 310 DEBT to ensure that the transition is smooth for all clients and team members.”
The merger will add 35 members to the MNP team, including four Trustees in Bankruptcy: Alex Herpers, CA, CIRP, CFE, President; Mahmood Chagani, CGA, CIRP, Senior Vice President; David Gowling, CA, CIRP, Senior Vice President; and Melanie Fuller, CIRP, Vice President. MNP now delivers a wide range of insolvency services to help individuals and corporations successfully manage financial issues from more than 90 locations across Canada, including 24 in southwestern Ontario.
“MNP has a strong Canadian presence, a client-focused approach and an unwavering commitment to employees and clients. It was a natural evolution for us to join a firm that shares our vision, values and dedication to providing quality services,” said Herpers. “MNP’s insolvency practice, MNP Limited, has been helping individuals and businesses across Canada resolve their financial problems for more than 40 years. As such, this is a practice area MNP’s team excels in and we are very excited about working together to provide our expertise to more people and businesses in more markets.”
According to bankruptcy statistics from the Office of the Superintendent of Bankruptcy, an Agency of Industry Canada, insolvencies* fell 11.5 percent in Canada in 2010, with 140,234 new cases filed compared with 158,441 cases in 2009. Consumers accounted for the vast majority of the cases – 135,008 last year, down 11 per cent from 151,712 in 2009. Corporate insolvencies dropped 22.3 per cent in 2010 to 5,226 cases from 6,729 the previous year.
In Ontario, consumer insolvencies fell by 29.1 percent but consumer proposals increased by 15.7 per cent. For businesses, insolvencies declined by 30.6 per cent and proposals declined by 6.8 per cent.
“Although we have seen insolvencies drop in 2010 versus 2009, the trend still remains far worse than pre-recession levels,” said Herpers. “Improving economic conditions may have helped but we don’t think there has been a broad turnaround in insolvencies. The statistics could indicate that people are choosing other informal options that may defer or delay formal bankruptcy or proposal filings.” Ritchie added that trying to deal with financial issues can be very difficult but there is help. “A Trustee will outline all of your options so you choose a solution that is right for you. Together, 310 DEBT and MNP are here to help people and businesses tackle their financial troubles and get back on solid financial ground.”
