Small Business

We understand how difficult it is to run and maintain a business in these unprecedented times.

For some individuals the economic downturn has left them considering bankruptcy which is always the last resort. Bankruptcy is not your only option, the Licensed Insolvency Trustee’s (LIT’s) at David Sklar & Associates can help you explore all of your options and help you make the right decision for your business.

Contact us for your FREE no obligation consultation

David Sklar & Associates Inc.
5.0
Based on 708 reviews
Denise Simpson
15:17 09 Sep 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
Alex Lamparter
13:07 03 Sep 21
My experience with Ashley Carter at David Sklar and Associates was very pleasant and professional. The process was made easy by Ashley with her help in answering my questions and concerns.
Nicole Minister
17:43 02 Sep 21
Ashley she was extremely helpful,super friendly and understanding my situation. I am very please for the service I received and I will recommend this Company to anyone in need of consolidating. Thanks so so much.
rr 28
12:44 21 Aug 21
I finally pulled the trigger and seek help from this team. I tried to pay my debt in the way it should be until the pandemic made it even worst and couldn't keep up with my payments anymore. Jackie is an amazing person, I told her the problem, she gave me the solution and gave me a variety of options and walked me through the process. That simple. Thank you so much.
Vi Smith
18:09 13 Aug 21
Dealing with Jackie made the process so much more comfortable. From my first phone call with her I never felt like I was being looked down on. Jackie made this as easy as being in this situation could be.
fidel Cruz
14:35 24 Jun 21
I have to say, I never thought that such process could have been so quick and easy. But then again I guess that's what happens when you deal with professionals. I dealt personally with Rodha Lewis, who was very attentive to my personal issue and very professional on her work. She's someone who will actually take her take and talk to you about the process and help you as much as she can. I am very grateful to her and very appreciative of her work. I couldn't have dealt with someone better. Thank you very much Rodha for your work.
Maria Curbelo
13:43 23 Jun 21
I just completed my proposal and I am thrilled. Rhoda was delightful to work with. She helped me end the phone calls and start rebuilding my life. I highly recommend the services here and will always recommend to anyone who asks. Definitely seek out their services if you are in need of some help.
Jelena Petrovic
18:06 20 Jun 21
Very professional and fast service! Also, personable!.. they don't treat you like a number, but like a person.From the time I first contacted them, until I was set up there has been not more than 7 days.I dealt with Jackie, she was great!
Mark Simmonds
21:50 16 Jun 21
I would just like to say thank you to David Sklar & associates for helping me out in this difficult time I was in way over my head, I was introduced to Jackie Stanley, at that moment things got better the calls stop. Jackie was so professional helpful, trusting answered all my calls all my Text, and emails professionally and respectful!! I can’t believe it, and now I’m gonna build my credit rating back up and have my life back Thank You, Jackie Stanley at David Sklar& associates, for doing an outstanding Job!!!!
Richelle Barriault
17:57 16 Jun 21
I am not very good at putting words together especially when your speechless for all the help from such a friendly happy non judgemental team. From being financially stressed and depression hitting all at once I connected with Jackie Stanley💯❤❤ from David Sklar team in a whole other level,she is an absolutely joy to deal with and very informative let me know there is light at the end of the tunnel.. despite my struggle the amazing lady Jackie Stanley was able to put a smile on my face and make me laugh super happy and grateful 🙏I was able to connect with her from David Sklar &Associates team I 💯 percent recommend her (Jackie Stanley) and will continue to recommend her. To any one looking to get out of debt or have any questions belive me when I say you will not be disappointed with Jackie she's such a great person and I'm lucky to have been able to recieve the help and guidance from such a wonderful person and you will be also...look no further no where but up from here ...Thank you So so much Jackie much appreciated
Grace Muller
17:55 25 May 21
I must admit that I am so glad I called! I spoke to Rhoda Lewis who right away made me feel at ease. She's so caring and supportive I highly recommend her. Thanks to her my life is now on track! Thank you David Skylar & Associates Inc!
Nicholas Burnett
17:07 19 May 21
Very professional and courteous. Jackie was very helpful and understanding. She was happy to answer any questions I had and we were able to process everything quickly with no hassle.
HN
23:00 06 May 21
I would say my experience with David Sklar was spectacular, they made it really easy for my through the whole process and now 9 months later my bankruptcy is discharged.i would recommend David Sklar to anyone.
A M
14:39 04 May 21
I had a nagging defaulted student loan that was holding me back. There were a few smaller issues that were compounding. The lockdowns really forced me to look into building back my credit and starting fresh.Ashley at David Sklar & Associates at the Keele and Finch location was a blessing. She was thorough in her explanations and answered any concerns I had. She gave me the options and let me decide what was best. After conferring with her, I decided bankruptcy was the best option. She made the process of filing for bankruptcy easy.There's nothing to be afraid of. Stigma attached to bankruptcy but you can reset if you work hard to make it happen.I highly recommend speaking with Ashley if you have any concerns about debt solutions.
Pilar
21:05 28 Apr 21
I highly recommend David Sklar & Associates Inc. They helped me with my finances along with the help of Ashley Carter whom assisted me thoroughly throughout the process of my Consumer Proposal. She is very friendly, professional and updated me occasionally through emails. With her tremendous help, I am very thankful to have accompanied someone like her!
Fribeda Fronda
19:14 27 Apr 21
In behalf of David Sklar & Associates, Ms. Ashley Carter had been working tremendously and diligently to make people’s lives easier and stress free. Through this debt free program, my husband and I had been relieved from the headaches and worries of our financial standing before. Ashley, a soft spoken lady was very approachable and listened to our concerns. She explained to us very clearly the good things that will happen to our best interest. I believe that she is a great asset to the company and an excellent counsellor. My husband and I can’t thank you enough, Ashley, for all your help during those times when we needed it most. As of now, we are enjoying life in our seventies, though how simple it is we are happy because we have the assurance that sooner we will be debt free. Thank you so much Ashley for your kindness and for always being there for us. May God bless you more especially with good health.
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What is a Division 1 Proposal?

A Division I Proposal enables a person or business to avoid bankruptcy and be released from their unsecured debts after they have repaid a portion of those debts and honoured all the terms of their proposal.

WHAT IS THE PROCESS?

The Division I Proposal process varies from case to case. For most businesses and some individuals, it can include:

  • Extensive audits and cash flow analysis
  • Tax liability assessment
  • Business operation assessments – including employee and client retention

After you have met with a trustee and all relevant debt, liability, asset, and income information has been reviewed in detail the trustee will go over all the options available for debt relief. If both the individual and the trustee agree that a Division I Proposal is the best choice, they will then prepare a proposal together.

The proposal will set out the portion of debt your are able to repay over a given period of time and other terms that will be followed in exchange for being released from the debts included in the proposal.

The trustee then files and submits the proposal to your creditors. Note not all debts can be included in a proposal.

Once the proposal is filed the creditors must:

  • Stop all collection efforts
  • Stop all legal actions
  • Stop charging interest

The creditors vote on whether to accept or reject the proposal. For a Division I Proposal to be accepted – more than 50% of the creditors who hold more than 66.6% of the debt must accept the proposal. The Court must also approve of the proposal before it can be put into effect.

Speak to a Licensed Insolvency Trustee

If your business is facing crippling debt and repayment issues and you are considering filing for bankruptcy, we recommend you visit one of our 7 offices in Ontario to discuss your situation and explore possible solutions with one of our experienced and certified professionals.

WHO CAN FILE?

The Bankruptcy and Insolvency Act offers a Division I Proposal as a possible debt relief option to individuals who meet one of the two following conditions:

  • An individual who owes more than $250,000 in debt (excluding the mortgage on their prime residence)
  • A business (sole-proprietorship, partnership, or corporation) that owes any amount of unsecured debt.

In Ontario, only bankruptcy trustees can file and administer Division I Proposals.

Speak to a Licensed Insolvency Trustee

If your business is facing crippling debt and repayment issues and you are considering filing for bankruptcy, we recommend you visit one of our 7 offices in Ontario to discuss your situation and explore possible solutions with one of our experienced and certified professionals.

The Financial Help That Businesses Can Use Right Now

COVID-19 has sent a massive shockwave through the Canadian economy. Businesses, both large and small, are trying to make it through this unprecedented situation, but the financial blowback is going to be hard to weather on their own. If you’re a business owner, you should read this guide on the financial solutions that are available to you right now.

Read More »