Understanding Creditor’s rights when a restructuring or bankruptcy takes place is an important part of insolvency litigation law. When a company or individual declares bankruptcy, this does not automatically absolve them of all responsibility for outstanding debt. There are laws in place to protect creditors from losing out on repayment and also a structured hierarchy that dictates which debts are paid in which order. The Bankruptcy and Insolvency Group at Devry Smith Frank LLP (DSF) understands these laws and can work to defend the rights of creditors and claim the money they are due.
Common areas of creditor’s rights services by DSF, include:
One of the most common and easily avoidable mistakes creditors and other affected parties make in a bankruptcy is not adhering to strict deadlines. The deadline to file a claim after bankruptcy proceedings have begun are typically within a matter of a few months or less. Additional deadlines exist for specific requests and right protections as well.
Failure to submit a claim on time could result in being paid less, having to wait longer on funds or possibly not being paid at all. At DSF, we understand the time sensitive nature of claims and will work to ensure that your claims and all proper documentation are submitted in a timely manner.
When facing the often-frustrating task of protecting assets and seeking loan repayment in the case of a bankruptcy, you need a legal team on your side which understands the specific laws surrounding bankruptcy insolvency and which can navigate the barriers to creditor repayment.
We thoroughly review the circumstances of each case and develop strategies to reach a successful and cost-effective result for our clients. Whether it be a straightforward bankruptcy application, consumer proposal, or a complex and urgent CCAA restructuring, we have the expertise to get you through each step of the process from filing to discharge.
At DSF law firm, our experienced team has extensive knowledge and proven success in bankruptcy litigation and defending creditor’s rights. We will work for you to ensure that you get the money you are owed.
For more information on injunctive relief of commercial litigation, please contact one of the commercial litigation lawyers at DSF or call our office at (416) 449-1400. We offer three convenient locations in Toronto, Whitby and Barrie to serve our clients better.
B.A. (HONS.), J.D.
B.A. (HONS.), LL.B
B.A.(HONS.), B.C.L, LL.B., CERTIFICATE OF CONFLICT MANAGEMENT
B.A., M.A., LL.B.
B.A. (Hons.), LL.B.