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Alger Bankruptcy Services


Same team, new name

Alger & Associates personal bankruptcy services are
now provided by
Grant Thornton Alger Inc.

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Edmonton, Calgary bankruptcy Q&A forum

Author:

 

Greg

Question:

 

Hello, I am the sole director and owner of an Alberta Corporation. The corporation owns small % working interests in oil and gas wells, all operated by a large Canadian energy company. In the past year operating costs of these wells have skyrocketed while revenue has declined. The company now cannot pay its bills. I owe approx $100,000 to the large company and smaller amounts to several other companies. The debts are growing each month. The creditors have begun asking for payment. My company will never be able to pay since revenue is now much less than expenses. Should I advise the creditors of this? Wait and see what happens? File for bankruptcy? What could happen if I never pay? I am not concerned with losing the assets as they are not of value anymore given they are cashflow negative. I would like it if the big co. would just take the assets. I asked them to do this and they said no they were not interested and that I just had to pay the bills. I want my company to just shut down but don't know how to facilitate that. I remain worried that they could go after my personal assets if my company cannot pay. thank you for any help you may be able to provide!


From:

 

Grant Thornton Alger Inc.

Date:

 

Dec 18, 2013

Answer:

 

Greg Your question is difficult to answer in a quick and summary fashion in this format. Given the complexities of the matters identified, I would be happy to arrange a consultation with a member of our Corporate Advisory services team. Please call me to set up an appointment at your convenience.

Marie Kozlowski
T 403-296-3082
Marie.Kozlowski@ca.gt.com

 

For Alberta Bankruptcy help, call TOLL FREE from anywhere in Alberta: 310-8888
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