Creditor Services in Vancouver
If your business or organization is owed money, you may benefit from our professional credit services, especially if the party owing you money files for bankruptcy. People who file bankruptcy undergo complex interactions with their lenders, and there are many roles that need to be played correctly on your end. We are knowledgeable in all areas of bankruptcy, and we're a firm of insolvency professionals. The following is a description of some of the services we provide to lenders.
As you take on the role of a creditor, you may need to use one of our bankruptcy Trustees in our Surrey office or our other BC offices. This role is essential to your receiving some financial compensation as a lender to companies that fall into financial distress. The appointment of a Trustee is the first and vital step in initiating the principle of formal legislated creditor control.
Powers and Duties of a Bankruptcy Trustee in Vancouver
The Trustee can do such things as employ a lawyer or borrow further money for the business by pledging or mortgaging its remaining free (unsecured) assets. The Trustee can also negotiate with creditors for the acceptance, by them, of specific assets in lieu of a monetary settlement of their claims. He or she may even engage the bankrupt debtor to assist in the administration of the bankrupt estate. To do these things, however, he or she must have specific authority from the inspectors.
A Trustee has the power and duty to recover property that, under bankruptcy law, should form part of the debtor's estate and thus be available to satisfy the claims of creditors.
The Trustee distributes liquidating dividends to the creditors from time to time, as required by the inspectors and as the realization of the debtor's assets permits. In doing so, he or she must, of course, be careful to take account of the claims of the priority, secured and preferred creditors.
If one of your debtors files for bankruptcy, you will need a professional to act as your bankruptcy Trustee in Victoria or elsewhere, so call Abakhan & Associates Inc. Or, if you need another bankruptcy role fulfilled, continue reading to see what other creditor services we offer!
When we provide agent services, a lender appoints Abakhan & Associates Inc., pursuant to a security instrument, such as a General Security Agreement. As agents, we have specific powers to liquidate assets of the borrower covered by the security. We have no powers to manage the business.
Like an agency appointment, a receiver is appointed by a lender pursuant to a security agreement to liquidate assets of the borrower covered by the security. Additional powers may be conferred upon the receiver, but like an agent, there are no powers to manage the business.
A receiver manager is like an agent and/or a receiver with the additional powers of being able to operate the business. The appointment is pursuant to a security instrument which is sometimes blessed by the courts.
A lender, on occasion, will appoint us as a monitor for a specific period of time in order to provide independent information of a borrower's operation on a regular basis. The monitorship is an agreement between a lender and borrower that sometimes evolves from a viability assessment mandated by the lender. The appointment is generally not pursuant to terms of a security agreement.
We offer this variety of services to streamline the bankruptcy and debt-related processes for you in a thorough and professional manner. We operate in 5 separate locations in British Columbia. If you need creditor services in Vancouver performed by a bankruptcy Trustee in Prince George, Surrey, Vernon, Vancouver or Victoria, contact us today. We will handle your situation with confidentiality, respect and professionalism. Not sure if you need our services? Your initial consultation with us is free.