This article provides information about bankruptcy in Montreal.
The bankruptcy montreal process is a legal means by which debtors (people who owe money) can either partially or totally discharge their debts to creditors (people they owe money to). The bankruptcy process usually consists of several steps, but has two basic phases: the first phase deals with stopping creditor action against the debtor, while the second phase deals with liquidating assets to pay creditors.
The bankruptcy process in Montreal begins with a petition for bankruptcy being filed by a debtor, trustee, a creditor or a group of creditors. The bankruptcy process then provides for an initial investigation into the bankruptcy case to be conducted by the Office of the Superintendent of Bankruptcy Canada (OSB). This initial investigation determines whether there is sufficient evidence that debts exist and that there may be bankruptcy-related activities taking place in Montreal. If no such evidence is found, then bankruptcy proceedings are not allowed to take place. On the other hand, if this first step does reveal potential bankruptcy cases in Montréal, then these cases are reported at this stage. The report may indicate that bankruptcy proceedings will be held or that bankruptcy proceedings should be avoided.
If bankruptcy proceedings are indicated, the next step in the bankruptcy process is for an Order and Notice of Hearing to be issued by a bankruptcy judge. The notice of hearing must be given at least 10 days prior to the date of bankruptcy hearings in Montreal. This document outlines all information relevant to bankruptcy hearings, including the potential liabilities of debtors, bankruptcy proceedings and other similar information. Once bankruptcy hearings are completed, a decision about whether or not there are grounds for bankruptcy can be made by the trustee conducting these proceedings on behalf of creditors in Montreal. If it is decided that no further action needs to take place, then this decision becomes part of the public record upon being filed with Federal