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Debt Restructuring in Difficult Times
November 24, 2020 @ 1:00 pm - 2:30 pm
An Alternative to Insolvency
Against a backdrop of serious financial challenges presented by the COVID-19 pandemic, many businesses are facing a difficult decision on their financial futures. If a permanent closure is something that has crossed your mind, have you considered debt restructuring options to help weather the storm?
Small businesses have several restructuring options available to them to stave off closure. However, in order to make the right decisions, you need to understand concepts and terms such as incorporation, personal guarantees, secured vs unsecured creditors, deemed trusts, forbearance, insolvency, receivership and bankruptcy. Join Jonathan McNair CPA, and discover what a formal restructuring of your business entails, as well as informal options you may have at your disposal.
Having a system and structure to move beyond your current difficulties may mean better days ahead for your business.
WHAT WILL I LEARN?
- The relationship between incorporation and personal liability
- What it means to provide a personal guarantee for a business
- Critical factors and steps in a formal restructuring of your business in the face of severe financial hardship