How to Deal with Creditors (Top 5 Legal Matters for Entrepreneurs to Consider Series)

Join WESK and W Law Group for this 5-part webinar series on the Top 5 Legal Matters for Entrepreneurs to Consider.

This workshop aims to provide participants with a foundational understanding of how to effectively address creditors and prioritize different forms of debt along with avoiding excessive debt repayment or otherwise expired/invalid debts. The topics of this workshop include:

 

  • Prioritizing Debt: This section will address the important distinction between secured and unsecured debt and what this means in terms of the practical negotiation and settlement of debts.
  • Limitation Periods: Limitation periods often determine not only which debts are legally enforceable, but also whether a debt still exists and can even be properly claimed by would-be creditors.
  • Debt Due and Owing Actions: In this section, we will run through the typical lifecycle of the most common forms of debt enforcement actions including mortgage enforcement claims, commercial lease claims, and unsecured debt claims.
  • Avoiding Bankruptcy: Unpaid debts significantly diminish your credit score and negatively impact the ability of persons to borrow in the future or effectively carry on business. As such, it is typically better to negotiate a settlement with creditors rather than declaring bankruptcy. Accordingly, this part of the presentation focuses on consumer proposals, wherein, a licensed insolvency trustee creates a settlement proposal for a debtor’s creditors to vote and decide upon.

 

Presented by: Nicholas Conlon, Associate at W Law LLP

Nicholas Conlon graduated from the Schulich School of Law located in Halifax, Nova Scotia in 2015. He was admitted to the Saskatchewan Bar in 2016 with his primary focus in commercial and civil litigation with particular experience in debt collection and foreclosure matters. He has appeared before all levels of Court in Saskatchewan along with the Federal Court and Federal Court of Appeal. His professional involvements include, inter alia, membership in the Canadian Bar Association and Saskatchewan Trial Lawyers Association. In terms of community involvement, Nicholas is also a proud member of Inclusion Saskatchewan and a mentor with the Saskatchewan Trial Lawyers Association Mentorship Program.

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