Insolvency Solutions for Lenders
Our firm delivers a range of solutions tailored for service delivery to secured lenders designed to develop and deliver the appropriate response to a problem loan as well as provide available courses of action designed to refocus a problem loan situation, or if required to realize on underlying security.
D. Manning & Associates Inc. is a Trustee in Bankruptcy licensed by Industry Canada and is qualified to act under the Bankruptcy & Insolvency Act in British Columbia & Yukon Territory. The Personal Property Security Act of British Columbia (PPSA) mandates a Trustee in Bankruptcy to act as a Receiver or Receiver-Manager.
Our range of services to lenders include:
Viability Assessments of Customer Business including Underlying Security Evaluation
When the lender knows or has concerns that an account is not operating effectively, or there is concern over an account’s future prospects, we will act as a consultant to evaluate a business or a portion of a business, provide our findings and proposed courses of action tailored to the Lender’s requirements. These mandates are carried out by our affiliate firms D. Manning Limited and William Choo Holdings Inc.
Loan Monitoring Services
Enables the lender to monitor the ongoing performance of a business account experiencing difficulty, in situations where commitments are made by the customer to bring an account into line with the lender’s specific requirements. Please contact Mr. William Choo or Mr. Don Manning for additional information.
Agent for Secured Creditor
When loans default without the opportunity for recovery, businesses close, or external forces require a lender to protect it’s security interest, Agency appointments may be a good avenue to follow for a smaller loan account as a means to realize on security. Such an appointment avoids the need for the realization firm to enter into costly procedures such as tax returns, GST returns and the like that would otherwise be bourne by the lender. It also offers a vehicle to realize quickly on security and get on with business. Please contact Mr. William Choo or Mr. Don Manning for additional information.
Receiver of Real Property or Specific Assets
We frequently act in real estate loan matters as Receiver of Specific Property as well as Receiver of Rents, acting to secure viable offers for Court approved sale of assets. This strategy is a cost effective way of avoiding administrative costs experienced by a Receiver or Receiver-Manager over a business. Please contact Mr. William Choo or Mr. Don Manning for additional information.
Receiver and Receiver-Manager
This vehicle offers a platform, where appropriate, to operate a business for a limited or ongoing period of time by enforcing under the lender’s registered security interest. It also brings obligations to complete statutory returns and other costs that will be bourne by the customer or ultimately in the amount realized and applied to repay outstanding bank indebtedness. Please contact Mr. William Choo or Mr. Don Manning for additional information.
The Bankruptcy & Insolvency Act provides for a secured creditor to apply to Court to appoint an Interim Receiver. This is often utilised in an unstable or confrontational situation for a limited period of appointment to enable the lender to evaluate a situation, then decide whether to proceed to appoint a Receiver/Receiver-Manager or to precipitate a bankruptcy once more facts are available. Please contact Mr. William Choo or Mr. Don Manning for additional information.
The Bankruptcy & Insolvency Act provides a Federally mandated scheme of distribution and structure to wind up the affairs of an insolvent person, real or corporate. It is frequently to the advantage of a lender in a realization situation to consider this option in order to order priorities in its favor. Please contact Mr. Alex Ng for additional information.
Proposals under the BIA
A Division I (Bankruptcy & Insolvency Act or BIA) Proposal may be an effective means to achieve a successful realization where coordination with unsecured and preferred creditors is required and necessary. As a provision included in the BIA, the Order of priority mandated by the BIA prevails. Please contact Mr. William Choo or Mr. Don Manning for additional information.
Companies Creditors Arrangement Act (CCAA) mandates are frequently applied to provide court protection from creditor action and permit time to develop and implement a plan to reorganize a large company’s affairs for forward viability. Our firm will act a monitor or consultant in such mandates. Please contact Mr. William Choo or Mr. Don Manning for additional information.