Bankruptcy and Insolvency News in Nova Scotia.
Nova Scotians hit hard by debt
The Chronicle Herald, June 25, 2017
Nova Scotians are piling on debt, a new report shows.
And students are particularly vulnerable.
In 2016, some 5,948 consumer insolvencies were filed in Nova Scotia, according to a report from the Parliamentary Budget Office. That's up 13.7 per cent from 2015, said Rob McLernon, a licensed insolvency trustee with Grant Thornton in Nova Scotia.
Nationally, the report shows that household indebtedness hit 174 per cent in the first quarter of 2017, with Canadian households owing an average of $174 for every $100 in disposable income.
With interest rates hovering low over the past few years, families and individuals have been accumulating additional debt — debt that seemed "inexpensive" at the time, McLernon said.
"In the Nova Scotia market, the average clients we see coming through the door are struggling with their obligations ... and they're resorting to using credit for day-to-day expenses," he said.
Rising debt levels
News 95.7 FM, March 15, 2017
Licensed Insolvency Trustee in Halifax, Rob McLernon, discusses rising debt levels in Canada.
Love & Money
Global News, February 28, 2017
With the rise of technology more people are heading online to find love, Robert Hunt from Grant Thornton has a few tips on how to avoid online fraud.
New Year’s Budget tips
Global News, January 5, 2017
Debt Expert Rob Hunt stops by with the best ways to create a successful New Year's financial plan.
Hayes McNeill & Partners Ltd. joins Grant Thornton Limited
Vancouver Island / Ontario / Halifax, Monday, December 12, 2016 — Hayes McNeill & Partners Ltd.'s personal insolvency and corporate recovery services on Vancouver Island join Grant Thornton Limited.
As of December 1, 2016, Hayes McNeill & Partners Ltd.'s personal insolvency and corporate recovery services on Vancouver Island has joined Grant Thornton Limited.
Through this union, the team of people joining Grant Thornton Limited will be better positioned to address the needs of consumers and businesses experiencing financial difficulties, while having access to enhanced services, with a broader range of local and global resources. It will also bring the added benefit of a new combination of leadership, experience and enriched national services.
"We remain the same team of committed Licensed Insolvency Trustees and Estate Managers available to help consumers and businesses to resolve their debt challenges, just under a different name," said David McNeill, CIRP, LIT, President, Hayes McNeill & Partners Ltd. "We are pleased to be joining Grant Thornton Limited as they are a likeminded national firm that shares our appreciation and commitment to our clientele and communities."
"We are honoured to welcome the team of 13 people, three of whom are Licensed Insolvency Trustees, from Hayes McNeill & Partners Ltd." said Robert Hunt, CPA, CA, CIRP, LIT, Managing Partner of the Consumer Insolvency Business Unit of Grant Thornton Limited. "Their collective knowledge, experience and dedication to excellent service truly make them a great addition to Grant Thornton Limited."
Hayes McNeill & Partners Ltd. has been operating as a full service insolvency firm since 1972, bringing substantial experience in the field of insolvency, providing a wide range of solutions for both individuals and businesses experiencing difficult financial times as well as for lenders concerned about the collection of loans they've advanced. They operate out of four offices located on Vancouver Island: Victoria, Port Alberni, Duncan and Nanaimo.
Hayes McNeill & Partners Ltd. was the insolvency services provider of Hayes Stewart Little & Co. which joined Grant Thornton LLP on October 1, 2016.
About Grant Thornton Limited
Grant Thornton Limited operates the consumer and corporate insolvency practice of Grant Thornton LLP. Its staff are passionate about making a difference for their clients, colleagues and communities across Canada. The organization believes everyone deserves a financial fresh start, while being treated with dignity and respect. Grant Thornton Limited’s Licensed Insolvency Trustees are professionals authorized to provide government-regulated insolvency proceedings for consumers and businesses experiencing financial challenges. One of Grant Thornton Limited's goals is to help Canadians to get a financial fresh start. For more information, visit: www.GTHayesMcNeill.com
About Grant Thornton LLP in Canada
Grant Thornton LLP is a leading Canadian accounting and advisory firm providing audit, tax and advisory services to private and public organizations. We help dynamic organizations unlock their potential for growth by providing meaningful, actionable advice through a broad range of services. Together with the Quebec firm Raymond Chabot Grant Thornton LLP, Grant Thornton in Canada has approximately 4,000 people in offices across Canada. Grant Thornton LLP is a Canadian member of Grant Thornton International Ltd, whose member and correspondent firms operate in over 100 countries worldwide. A listing of Grant Thornton offices and contact information can be found at: www.GrantThornton.ca.
The keys to mastering your business's cash flow
The Globe and Mail, October 3, 2016
Cash flow is important in any business, but for small-to-medium-sized companies, it can be the difference between surviving and shutting off the lights for good. Small businesses are continually looking for ways to conserve cash to meet payroll and fulfill orders to keep customers happy, and coming back. The Globe and Mail spoke with experts and small-business owners to come up with five strategies that small businesses can use to stay afloat and eventually expand their companies:
Make a cash-flow forecast (and stick to it): The biggest mistake many small-business owners make is not keeping track of what cash is coming in and going out, says Robert Hunt, a chartered professional accountant, licensed insolvency trustee and partner at Grant Thornton in Halifax.
"The timing of those inflows and outflows is critical to ensuring the company doesn’t run out of cash," Mr. Hunt says. This is especially important for a seasonal business, such as a beachside restaurant or a retailer that sells more products during the Christmas holiday season. These businesses usually buy their inventory months in advance, and need to balance their books accordingly.
Bankruptcies on the rise in Nova Scotia due to debt and job losses
CBC News, September 14, 2016
More Nova Scotians are going broke as they struggle to make ends meet, according to an expert in bankruptcies.
About 300 more Nova Scotians became insolvent over the last twelve months compared to the previous year, said Robert Hunt, a licensed insolvency trustee and partner with Grant Thornton Ltd.
Higher debt loads making Canadians more vulnerable than ever
Insolvency occurs when a person no longer makes enough money to pay off their debt.
'Ahead of the national average'
As of June 30, 2016, a total of 5,500 Nova Scotians had either filed for bankruptcy or entered into a consumer proposal to manage their debt.
Back to school budgeting
Global News, August 22, 2016
Kids are getting ready to head back to school and part of the preparation includes buying school supplies. Debt expert from Grant Thornton, Robert Hunt shares some tips on how to stick to a budget.
Nova Scotia consumer insolvencies up due to Alberta wildfire, oil industry: experts
Global News, August 12, 2016
In May 2015 and May 2016, there were 414 and 573 consumer insolvencies filed, respectively; an increase of about 34.8 per cent.
"I don’t know that that trend will continue. There's certainly an expectation that the situation in Alberta won't correct itself until late 2017, and the economic impact of that may not be felt until early 2018," said Rob Hunt, a partner at Grant Thornton.
© 2017 Grant Thornton Limited, Licensed Insolvency Trustees. All rights reserved.
Make an appointment
You can meet with us during our office hours, weekdays from 8:30am to 5:00pm