Home / Corporate Proposal: Bankruptcy Alternative for Businesses
Commercial ventures, such as incorporated businesses or some unincorporated partnerships, are recognized as “persons” separate from the individuals who run them, and are eligible to seek debt help or consolidation instead of filing for bankruptcy. This process is called a Commercial Proposal, Division 1 Proposal or Corporate Proposal (this is different from a Consumer Proposal).
As a Licensed Insolvency Trustee, Derek L. Chase & Associates, Ltd. can help your business by investigating the financial affairs of the business and administering a Corporate Proposal, all while protecting the rights of your creditors and ensuring that your rights are not abused.
First, you’ll meet with a trustee for a free initial consultation to determine whether a proposal would fit your situation. A thorough detailed analysis of your financial situation is required to properly evaluate if a debt settlement proposal is suitable.
If we feel this service would work for your situation, then the proposal will be structured to find a balance that will work as well as possible for both your business and its creditors.
Once the debt settlement proposal has been completed, our office will contact the creditors with the proposal.
Contact us today to schedule a free initial consultation.