Is it too late for the Covid Vaccine to Give Small Businesses a Fighting Chance?

Trustee In Insolvency Ontario

The wave of iconic Canadian Brands that have gone bankrupt has been nothing less than shocking.  On December 9th, the Daily Hive listed Le Chateau, Mountain Equipment Co-op, Aldo, David & Team amongst the fallen.  It also listed Geox Canada, Stokes Inc., and Sail Outdoors amongst those who suffered heavy losses this year. 

Is the Vaccine too little too late?

Once again, our Ontario government officials asked Ontario Businesses to shut down for 30 days in December 2020.  This left many businesses reviewing their options: borrow more money in a chance of surviving or find a Licensed Insolvency Trustee (Ontario) and declare bankruptcy.

In the next quarter, the government will be reporting how many business owners made a decision to lay off workers.  A wave of enterprises will simply shut down. Some will be forced to declare bankruptcy and get legal advice.  It may not be so simple to walk away from commercial leases and/or other legal obligations.

In the meantime, some news outlets are reporting that the full roll-out of the vaccine in Canada will not be completed until 2023.  This does not give entrepreneurs any comfort and may be too little too late.

While small businesses will quietly die, business owners will turn to lawyers and/or a Licensed Insolvency Trustee for advice.  The question of whether they should wait to file or take advantage of the Government programs designed to temporarily help alleviate some of the operating costs, keeping some businesses out of bankruptcy for longer.  Unfortunately, some of these programs are just a temporary band-aid on a much bigger wound that won’t stop bleeding.

CTV News reported:  A survey of more than 4,200 businesses by the CFIB in October found that uncertainty around the second wave was the top concern of business owners, followed by economic repercussions and worries that consumer spending could drop. Fourteen percent of respondents said they were actively considering bankruptcy or shutting down, a number that’s been steady since the summer.

It is safe to conclude that the devoted entrepreneurs of Ontario, who fought the good fight,  have hard decisions to make and must decide if they “hang on” or “move on”.

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Click here to book a free consult with one of our Licensed Insolvency Trustee in Ontario.

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