BC's biggest chain of fitness clubs has joined the growing list of businesses unable to survive the "medically-induced coma" which the COVID-19 pandemic has forced on the economy. SNFW Fitness B.C. Ltd., which brought together the Fitness World and Steve Nash Sports fitness clubs, and also operated several "UFC Gym" facilities...
Question: It seems likely that my business will fail, given the COVID-19 recession we’re in. Fortunately, the business was carried on through a corporation, but as a director do I face any personal exposure despite incorporation?
The legal cannabis industry is a relatively new addition to the Canadian economy since its introduction in November 2018. Until December 2019 there had been very few insolvency proceedings commenced by cannabis companies but 2020 has seen at least 6 such insolvency proceedings ranging from receiverships to BIA proposal proceedings to CCAAs. With the onslaught of the COVID-19 pandemic...
Question: "I've given some of my commercial tenants a deferral on rent for the next three months. I don't need to remit GST on the rent until I receive it, right?"
Question: With the slowdown caused by COVID-19, I am worried that my business will not be able to pay its suppliers and other creditors. Can I take money or other assets out of the company to protect them from creditors?
Question: I’ve heard the courts are closed during the COVID-19 crisis. Can anything be done to help my business?
Question: We've downsized our business to weather the COVID-19 crisis, including laying off staff, but what can we do about the rent owing on our lease?