Insolvency Issues

Bankruptcy and debt-restructuring

At GreenWay we provide representation and advice on personal and commercial bankruptcy and insolvency matters for those facing financial challenges or distress, or those dealing with individuals or businesses experiencing financial distress. We also provide legal opinions and related legal services to insolvency professionals.

For debtors

Our services include pre-bankruptcy counselling and advice to individuals and companies who are facing financial distress and who may contemplate making an assignment into bankruptcy or a proposal under the Bankruptcy and Insolvency Act.

Bankruptcy should never be a first option. While a bankruptcy may make sense in certain situations, we will review your full situation. If there are non-bankruptcy options available, such as negotiating with specific creditors to keep individuals or business out of bankruptcy, or restructurings under the BIA, we will review and explore these possibilities with you.

We also provide ongoing representation and counselling to individuals and companies in insolvency, restructuring or receivership proceedings. We act on a wide range of matters, including obtaining discharges from bankruptcy and defending debtors against realization proceedings by insolvency processionals and creditors.

For creditors

We advise and represent a range of creditors across different industries who are affected by insolvency proceedings. We act on a wide range of matters for CCAA, receiverships, proposals and bankruptcy proceedings, including opposing discharges from bankruptcy, priority disputes, investigating the financial affairs of debtors, collections in the insolvency context, conducting debtor examinations, and contesting professional fees of insolvency professionals.

Debtor-creditor services

For creditors

We provide cost-effective and responsive debt collection practices to assist our clients in diverse industries to recover outstanding accounts receivables and other outstanding debts quickly and efficiently.

We also assist our creditor clients in enforcing judgments and executing against personal property and land as well as carrying out debtor examinations in both BC Provincial Court and BC Supreme Court. In certain circumstances, it may be necessary to petition debtors into bankruptcy in order to protect secured or unsecured creditors’ rights. For example, it may be necessary to obtain the assistance of an insolvency professional to assist in investigating the financial affairs of a debtor or cases where assets may have been fraudulently transferred to avoid creditors.

We also provide services related to residential mortgage enforcement (foreclosures) and forced sales of strata and condominium units.

For debtors

We provide strategic and responsive advice and representation for debtors facing legal action from secured and unsecured creditors. We advise debtors on possible strategies including identifying defenses and weaknesses with the prosecution of creditors’ cases. We have a wide range of experience acting for debtors, including representing debtors in foreclosure matters, security enforcement, guarantee actions, and resisting petitions into bankruptcy.

We also use our focus on bankruptcy and insolvency to advise debtors on their insolvency options.

Professional fees disputes

Our firm acts on behalf of both clients and other professionals – such as lawyers or insolvency professionals – involving professional fee disputes.

Student loan services

We assist individuals when government student loan debt survives their discharge from bankruptcy. We do that by making a student loan hardship application to the court on their behalf to have this government debt extinguished.

Government student loans are eligible for a hardship application if:

  1. it has been five or more years since the individual has been a full or part-time student,
  2. the individual has acted in good faith regarding their student loan obligations, and
  3. the individual will continue to experience financial hardship.

Student loan hardship applications are typically decided on their own unique facts. Please call our office to schedule a consultation with one of our lawyers to discuss whether you may be a good candidate for a student loan hardship application and how we can assist you in getting your fresh start.