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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

5.0
Based on 676 reviews
Daniel Domingues
22:19 23 Jan 21
Ashley Carter was very nice to me and professional and she helped me with my issue and she answer my questions in email. She helped me a lot and she gave me less stress.
1 blaze
18:36 21 Jan 21
Jackie Stanley take you step by step in explaining the process professionally, replying on our every question over the telephone or e-mail. We are very satisfied and grateful for her work and effort.
Tree Broker
14:33 20 Jan 21
Jackie and the team at David Sklar and Associates took my very stressful situation and made me feel at ease. I was treated with respect and understanding from the start of my process right through to the end. Prompt email and phone responses made it feel like I was at the top of their priority list.Jackie and the team at David Sklar are the best in the business. I would highly recommend using their services.
Jeremy Y
14:04 20 Jan 21
Has helped me put to gather all my financial debt and find a reasonable offer and deal in making payments towards all my debts as one. Has been patient and kind service one on one. A big thanks to Jackie for helping guide me through my process!
WhoisDriaB
02:09 20 Jan 21
Jackie is an amazing person, she takes her time to make sure you understand everything. Every question I had she was always a email or text away with a quick response. Thank you again
danny adlabi
20:11 19 Jan 21
Jackie Stanley was amazing she was kind and wonderful to work with i am so grateful for her help she set down went over all my questions and my situation and i got all the help i need it
mer irf
19:59 19 Jan 21
Jackie made me feel very comfortable from the minute I walked in. She treated me with humanity and respect. She is also very professional and knowledgeable; she explained very clearly what was involved. Thank you Jackie for giving me the chance to start anew.
Dorianne White
15:06 19 Jan 21
We were so tired of our debt holding us back. We reached out to Jackie at David Sklar and she was so great from day one! She was quick understanding caring! Our experience was excellent! Everything was smooth and easy. What a relief it was with Jackie at David Sklar!Thank You so much 😊
F Volpe
05:07 11 Jan 21
Best thing I ever did! Don't let the messaging out there convince you being unable to manage your debt is shameful and a failing. Cori is amazing! She knows what she's talking about and she will guide through all your options. Everyone I've dealt with at David Sklar has been respectful and friendly. This was life changing help for me.
Maria G.
19:07 03 Jan 21
Cori, she’s very helpful and patient. She treated me with respect. She took so much time to explain to me what’s the best way to resolve my financial problem and teach me how i can save to avoid thesame problem again. Cori thank you so much.
Nilda H.
23:34 21 Dec 20
I highly recommend David Sklar & Associates, especially Rhoda Lewis, she listened with patience, understood my whole situation, advised professionally, she has many years of experience and is very knowledgeable, I felt confident with her work, she handled my case and guided me every step of the way, she reviewed with me in detail, and is very caring. I really trust David Sklar’s team, they really work and help people in a very simple and professional way. I am so grateful for Rhoda’s work helping me through this situation. Now it is like I received a 2nd chance to live free, I can take control and now take care of other things that matter in my life. Thanks for taking away the stress & weight I was carrying on my shoulders. I can now sleep at night. God Bless you for all your work. Thank you.
J H
21:14 12 Dec 20
The staff at David Sklar are professional, respectful and honest right from my first phone call. It made a really embarrassing and difficult situation easier to handle. Now I'm on the way to rebuilding my life for my family.Thank you to the team and especially Ashley from the Brampton location.
Omair pasha
17:32 11 Dec 20
Ashley Carter was great and helpful. Answered every and each questions in detail and politely. Thanks
L. M.
15:29 10 Dec 20
I'm am very pleased that I contacted David Sklar & Assoc. I dealt with Rhoda Lewis, she was very professional and understood my need for their services. Rhoda set up a repayment plan, that was very easy to follow and made everyone satisfied.Going to David Sklar & Assoc. Was the best choice, to make for rebuilding my credit. I recommend David Sklar & Assoc. to anyone who needs help with debt relief.
evangia cawley
17:51 09 Dec 20
From consult to resolution the service was highly professional. I felt heard and understood. There was no judgement. Jackie always responded to my questions in a timely manner. Most of all, Jackie went all out to see that I got the best care and advise she could find.
Jackie
16:20 09 Dec 20
So grateful to the whole team at Sklar for the opportunity to start fresh after a very difficult time of job loss. They went the extra mile for me and have been stellar! J
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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.

Let's Get Started Today

Take your first step towards a Debt Free Life