16 - Small Business Bankruptcies: When Your Employer Is in Receivership
In their fight for survival, small businesses in Canada have had to contend with the effects of added debt loads, supply-chain disruptions, labour shortages and the ongoing threat of further COVID waves. As government pandemic support is being phased out, many businesses will not have the means to carry on. What happens when a business goes into receivership or files for Bankruptcy? As an employee what can you do before and after your employer shuts its doors?
In today’s podcast Daniel Maksymchak, a Licensed Insolvency Trustee with LCTaylor & Associates in Winnipeg, Manitoba answers those questions and more. He explains the insolvency process for both employers and employees.
In this podcast find out:
- The difference between Receivership and Bankruptcy
- Warning signs your employer may be having financial difficulties
- How the Wage Earner Protection Program works and how to recover money owed
- As a small business owner when you should seek the advice of a Licensed Insolvency Trustee
About Daniel Maksymchak
Daniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community