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Podcast: DebtMatters Podcast
Episode: 60 - Understanding Receivership vs Bankruptcy
Description: Although the economy has started to improve, small businesses are burdened with a staggering level of debt. COVID related debt and rising costs have posed a major challenge to small business recovery in Canada. Like Bankruptcy, Receivership occurs when a business has secured debt that they are unable to pay. But unlike a Bankruptcy, it is usually a creditor that calls in a Licensed Insolvency Trustee to act as a Receiver. Daniel Maksymchak, Licensed Insolvency Trustee with LCTaylor explains what the term Receivership means. He clarifies the difference between Bankruptcy and Receivership. Daniel also covers:The r...