How To Avoid Bankruptcy

This article was originally published in the inFocus Spring '14 Issue.

It is difficult to sustain a business operation and at the same time deal with demands from your banker, suppliers, services providers, or CRA's requirement to pay and garnish bank accounts. When you run into a situation like this and you do not have the ability to meet such demands, you are in financial distress. This may cause other problems in your personal life such as inability to focus, marital breakdown, shareholder disputes and family disputes. The questions to ask yourself are: what can you do to get out of such a situation and into a healthy financial one; how do you avoid the embarrassment of bankruptcy or the winding up of your business?