Toronto Debt Solutions

The Going Concern Assumption: Can Your Canadian Business Survive Insolvency? The Going Concern Assumption: Can Your Canadian Business Survive Insolvency? Are you worried your business is no longer a "going concern"? In the Canadian insolvency landscape, this accounting assumption is the difference between restructuring your debt and facing a forced liquidation. In this video, Ira Smith, a Licensed Insolvency Trustee, breaks down what the going concern assumption actually means for Canadian business owners, the risks of ignoring insolvency, and how the Bankruptcy and Insolvency Act (BIA) can be used to protect your business. If you are struggling with CRA tax debt, high interest rates, or cash flow pressure, understanding your status as a going concern is the first step toward recovery. In this video, we cover: 00:00 Introduction: The Going Concern Warning 00:56 The Going Concern Warning: Panic or Plan? 02:40 The 30-Day Survival Plan: The Ticking Clock 03:19 Choosing You...

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Debtor in Possession: How to Save Your Canadian Business from Bankruptcy Debtor in Possession: How to Save Your Canadian Business from Bankruptcy Is your Canadian business drowning in debt? If you’re facing pressure from the bank, the CRA, or major suppliers, you need to know about the Division I Proposal under the Bankruptcy and Insolvency Act. Many business owners believe that insolvency means the end of their company. In reality, a formal restructuring allows you to remain in possession of your business while you reorganize your finances, silence your creditors, and stabilize your operations. In this video, Ira Smith, a Licensed Insolvency Trustee, explains how a Debtor in Possession strategy works in Canada and how to protect your livelihood using federal insolvency laws. Timestamps: 00:00 Introduction to Debtor-in-Possession (DIP) Restructuring 01:06 What is Debtor-in-Possession (DIP)? 01:29 Is Your Business Actually Viable? 02:00 Route 1: The Division 1 Proposal 02:31 Fast ...

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Digital Assets in an Estate: The Hidden Trap for Ontario Executors Digital Assets in an Estate: The Hidden Trap for Ontario Executors Being named an executor in Ontario is a massive responsibility, but the modern "Digital Estate" adds a layer of complexity that most people ignore. From cryptocurrency and NFTs to monetized social media accounts—these are all considered assets that must be managed during estate administration. If the deceased had debts, these digital assets could be the difference between a solvent estate and a legal nightmare. In this video, Ira Smith from Smith Estate Trustee Ontario breaks down how to identify, value, and manage digital assets while staying compliant with Canadian law. In this video, you will learn: What constitutes a "Digital Asset" in the eyes of the law. The risks of failing to disclose digital wealth to creditors. How to handle potential insolvency when digital assets are involved. Why an executor needs a clear strategy be...

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