An Informal Workout is best when the company’s financial difficulties are identified very early.
A company in financial distress may need to reorganize its affairs in order to continue its operations. It may be that debts will have to be reduced or delinquent debts renegotiated to improve the company’s cash flow and continue operations as a viable company.
An Informal Work occurs outside of any particular legislation or statute. This may be an option for a distressed business experiencing the initial stages of financial difficulty looking to enter into direct negotiations and private arrangements with creditors and stakeholders prior to creditors initiating steps/commencing proceedings to recover their debt.
For further information, call us at (604) 558-8020 to discuss.