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Do you have the Holiday Debt Blues?
 
“Many delight more in giving of presents than in paying their debts.”
-Sir Philip Sidney

Oh, for the good old days when people would stop Christmas shopping when they ran out of money. 
-Author Unknown
 
 
Now that the holiday season has passed, you may have over indulged and now it’s time to act on those New Years Resolutions, one of them being to reduce your debt.

The holiday season can be emotional and stressful on a number of levels and having an unmanageable debt load can only add to the stress.

The reality is that it is now January and the credit card bills are arriving and there is not enough money to make even the minimum payments and meet your ongoing living expenses.  You have no idea where the money is going to come from to pay these bills, even though you made a resolution to pay down your debt. 

Now what?

The first thing to do is call us and schedule an appointment with one of our Licensed Insolvency Trustees. 

There are many options to reduce your debt including a consumer proposal or a bankruptcy, both of which will reduce debt.

We will listen to your needs and provide you with objective advice. Call us for an appointment at (604) 605-3335.  It’s not too late.
 
Read Our Tips for Reducing Debt


Latest BC Insolvency Statistics

Consumer insolvencies in BC in October decreased overall by 10.0 percent from September, 2016.  Consumer proposals decreased 14.8 percent while bankruptcies decreased 2.6 percent.  

The proportion of proposals in all consumer insolvencies in BC decreased to 57.3 during October while they account for 56.0 percent of all 2016 insolvencies.

Consumer insolvencies in BC for the 12-month period ending October, 2016, decreased overall by 3.4 percent compared with the 12-month period ending October, 2015. Consumer bankruptcies decreased by 14.6 percent, while consumer proposals increased by 7.9 percent.
For more stats and to read the full article click here


John McEown is a partner at Boale, Wood & Company Ltd., a Licensed Insolvency Trustee and a Chartered Accountant.  He is also a member of the Canadian Association of Insolvency and Restructuring Professionals. Prior to joining Boale, Wood & Company Ltd. in 2009, John spent several years with another insolvency boutique firm. 
 
John practices primarily in the area of corporate insolvency proceedings.  He has extensive corporate knowledge and has been involved in several large real estate and development restructurings as well as a variety of other corporate matters.  He has worked for secured lenders performing viability assessments and acting as Receiver and Manager.  John has also acted as Monitor under the Companies’ Creditors Arrangement Act and as Trustee of proposals pursuant to the Bankruptcy and Insolvency Act.  John has also acted as Trustee in a number of large insolvency matters where the debtors were involved in fraudulent investment schemes. 
 
A few of John’s recent engagements are as follows:
  • Acting in the capacity of Trustee of the bankruptcies of Rashida Samji and Rashida Samji Notary Corporation that were involved in a $100 million Ponzi scheme.
  • Acting in the capacity of Court appointed Monitor in the restructuring of Worldspan Marine Inc. under the Company Creditor’s Arrangement Act
  • Acting in the capacity of Court appointed Receiver and Manager of Maplecreek Living Corporation to complete an $8 million residential strata development in Maple Ridge, BC
  • Acting in the capacity of Trustee in the bankruptcy of Wakefield Construction Ltd. a prominent residential construction contractor in Vancouver, BC
  • Acting in the capacity of Trustee in the bankruptcy of 0464625 B.C. Ltd. operating as Churchill Armoured Car Service across Canada. 
  • Acting in the Capacity of Court appointed Judicial Trustee of Strategic Concepts Investment Trust, representing the interests of approximately 100 individual investors.
  • Acting in the Capacity of Court appointed Judicial Trustee and Receiver of Elite FX Limited Partnership, an investment partnership that invested in foreign exchange contracts.
John has also been involved in numerous presentations on insolvency matters. Recently John was on a panel discussing Ponzi Schemes at the fall conference of the Turnaround Management Associations at Whistler, BC and recently gave a presentation to the Employment Standards Board of BC.

John and can be reached at (604) 605-3335 or at jmceown@boalewood.ca
Did You Know?
The Financial Consumer Agency of Canada has published a document titled Understanding Your Credit Report and Credit Score. Details here.

Case Law

BC Supreme Court holds that Registered Disability Savings Plan Funds are not property that can be seized by a Licensed Insolvency Trustee for creditors

​​​In a recent decision, the Supreme Court of British Columbia ordered that the funds in a Registered Disability Savings Plan (RDSP) could not be seized by the Licensed Insolvency Trustee of the bankrupt to satisfy the claims of creditors.  To our knowledge, this is the first case that deals with the issues of RDSPs.

Unlike RRSPs, there is no explicit protection in federal or provincial legislation for RDSPs for the asset to claimed as exempt property by the debtor or be protected from creditors.

Read the full article here.

Did You Know?
The Office of the Superintendent of Bankruptcy has recently published a video series explaining some basic bankruptcy topics.  Details here

The Office has also published an infographic titled Bankruptcy and Insolvency at a Glance   Details here.
Getting Help with Your Financial Difficulties

We realize that you’re looking for people you can trust to be discreet, professional, and give you the right advice.

We provide creative and practical insolvency advice to both individuals and companies facing financial difficulty.

We offer a full range of insolvency services to individuals such as consumer proposals to your creditors, financial counseling and bankruptcies.

We also offer a complete range of business services including formal restructurings, informal workouts, proposals to creditors, receiverships and bankruptcies.

Contact us for a free initial consultation.

Do you have a question for a Licensed Insolvency Trustee?   Some of your questions may already be answered on our Ask a Licensed Insolvency Trustee page.  

We also have a Frequently Asked Question section that may have the information you're looking for. You can also follow @askastrustee on Twitter.
 
Learn More

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Copyright © 2017 Boale, Wood and Company Ltd., All rights reserved.


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