When a company suffers insolvency, or an individual is near bankruptcy, it's often difficult to predict how it will unfold. Some of the companies and individuals that end up declaring insolvency know it's the best thing to do, while some may need help in taking this leap of faith. Finding a licensed insolvency trustee in Ontario means getting help in making the right decision.
This post focuses on what you should know when you search for the right licensed insolvency trustee in Ontario, including tips to keep you on the right track that can help you make the right choice in a jiffy:
Licensed Insolvency Trustee in Ontario – Always Look For These Things:
1. Hire Someone Who Is Experienced in Your Industry:
The right licensed insolvency trustee is someone who has the qualifications and experience to handle all kinds of insolvency cases, from complex to simple ones.
Make sure they've previously worked with businesses in your industry or individuals with similar situations as yours.
2. They're Taking Time to Understand Your Situation:
When you consult with them, note how thorough they are in understanding your situation. Is the LIT just trying to sell you their services or making efforts to understand your financial situation, including your assets, debts, miscellaneous expenses, budget, income, and so on?
A professional LIT will try to get an exact idea of where you are financially standing so they can guide you properly.
3. What Are Your Options?
Once again, if the LIT is just trying to get you to hire them, they will save every important information for later and try to close the deal.
A professional will provide you with different routes that you can take based on your financial situation. They'll compare all options to help you figure out the best one for you. Plus, they'll be happy to answer any questions you have.
A Few More Important Considerations:
Besides the ones mentioned above, try to get these things before booking a consultation with a licensed insolvency trustee in Ontario:
- Ask for References: When you're ready to hire an insolvency trustee, ask for references from them. You'll want someone who has handled similar cases in the past. It's also important to check whether they have a positive online presence.
- They Should Be on The Internet: If they don't have any online presence, that's a red flag. It's best if they have an active website or profile on social media sites. If you find their Google business page or social media profile, check out the reviews and see what others are saying about them.
- Ask For Proof of Insurance: A legit business will be licensed and insured because being in the financial consultation industry comes with certain risks.
It's important that you find and work with the right licensed insolvency trustee in Ontario because you'll be following their advice regarding something as crucial as an insolvency.
We at National Credit Help have helped several people in various industries with insolvency cases; feel free to talk to us.