financial recovery

Financial Recovery in the New Normal

  • By Bonnie Hooley, LIT

Nearly a year has passed since we were first introduced to a bunch of new and strange terminology all associated with “Covid19”. We wondered, was this the 19th version of this thing? After all, we had heard of Covid before. They also used the term Corona Virus, which led some to think this strange new thing had something to do with beer. While trying not to make light of what was introduced nearly a year ago, few of us fathomed the year and years that were ahead of us.

Our lives and vocabulary were bombarded with new terms. Regular conversation now included a reminder to social distance, wear a mask and sanitize. Signs everywhere teaching us things we learned in kindergarten about how to wash our hands. No one had heard of Zoom and now people of every age could navigate the program. There were codes; Yellow, Orange, and the dreaded Red. The top news story was always about the number of new cases, “the test positivity rate” and the number of Covid related deaths. The term “New Normal” started to catch on.

…And There Were Sacrifices

What began as a sacrifice of our liberties and livelihood for a short two-week period to “flatten the curve”, soon transitioned into endless “Code Reds” stripping us of everything we valued. No longer able to run our business as we saw fit. No longer permitted to shop where we wanted to shop. When shopping was permitted there were endless rules and limitations. There were the arrows telling us which directions we could walk and rules about purchasing only what has been deemed essential.

Travel was limited, we were no longer able to go where we wanted to go. Houses of worship were shut down. We were denied access to people who were closest to us. Seniors dying of loneliness as often as Covid. Christmas was cancelled!

It seemed slowly there was an attempt to control our every move for the sake of saving lives from the dreaded Covid19. There was always a reminder that we were headed for a “New Normal”.

…And There Were Inconsistencies

No one seemed to have all the facts. We were told wearing masks was harmful, then we were told it was essential. Eventually wearing three at once was recommended. Sitting in a car with members of your household in a church lot for worship was deadly and illegal. Demonstrating en masse for the right cause was deemed medically unsafe. You could visit a family of five for a meal, but could only invite two of them back. The inconsistencies were driving us crazy. Those in authority were learning as they went. They were trying to find a balance, find the new normal.

This crazy tsunami would certainly take a toll. Aside from trying to navigate this and come through mentally sound, there was the dreaded financial effect of killing the economy for the sake of saving lives. It seemed that people collectively held their breath, waiting for the full onslaught of the financial blow.

The government handouts could not possibly last forever. What would the new normal look like when the government money tree had dropped all its leaves? Small business owners were hanging on as best they could. The goals had changed from making a profit, to just surviving. Employees laid off, knew the assistance would eventually end. Will there be a job to return to? There was a realization that the new normal could be worse than the year that had just passed.

Is There a Light at the End of This Tunnel?

Licensed Insolvency Trustees like LCTaylor have trained their entire careers to assist individuals and businesses to find ways to deal with the impending financial calamity. Helping navigate THROUGH the new normal toward financial recovery.

Long before this new normal was ever introduced to our society Licensed Insolvency Trustees were working with businesses and individuals and helping them avoid financial devastation. These professionals have been quite successful working to help businesses, who hit a rough bump, move forward and get back on their feet. They have also worked with individuals, who thought they had no financial future, to help them get back on their feet and once again taste success.

Assisting With the Reboot

There are a number of legislated options available to assist people to deal with the fallout from this world-wide financial disaster. Options designed to move businesses and individuals from defeat to recovery. Licensed Insolvency Trustees are fluent in using these tools.

Many small businesses may have to reboot to get back on their feet. Licensed Insolvency Trustees are trained in assisting businesses with reorganization options. They are able to assist with assessing and producing a plan for moving the business forward.

In addition, the Licensed Insolvency Trustee can guide a business with how to deal with accumulated debt arrears to creditors and Canada Revenue Agency. There are programs under the Bankruptcy & Insolvency Act to assist with this. Proposals under the Act have been successful in assisting many businesses to get back on their feet while building the business back up.

Consumer Proposals, also under the Act, have been very successful in helping individuals retain what they have built up through the years without losing everything. A Licensed Insolvency Trustee can assess an individual’s situation and provide guidance on how to not only work through their financial difficulty but also to assist with building a stronger financial future.

Manitobans Are Resilient

No one knows for sure what this “New Normal” will look like once vaccinations are successful and we can put Covid19 into our history books. What we do know is that Manitobans are resilient. When given the tools, assistance, access to successful legislative options, and access to professionals to guide them, they can look forward to a brighter future.

We can see businesses once again running, flourishing, and building our economy. We can see healthy individuals working in and outside the home in ways they never dreamed possible. Our seniors will be safer, with new protocols that have been established. And we will once again be able to travel and spend time with those we love because they were kept safe.

We can look forward to a New Normal that is even better than before.

Bonnie Hooley, LIT

Bonnie has worked in the insolvency field since 1980. She is a graduate of the University of Manitoba, with a degree in Social Work. In 1999 she attained her license as a Licensed Insolvency Trustee. Bonnie has her Foundation Studies in Accounting from the Certified General Accountants (CGA). She is Read More Bonnie has worked in the insolvency field since 1980. She is a graduate of the University of Manitoba, with a degree in Social Work. In 1999 she attained her license as a Licensed Insolvency Trustee. Bonnie has her Foundation Studies in Accounting from the Certified General Accountants (CGA). She is a member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) and Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP). Bonnie has served on various boards within her community. Her hobby is quilting, her passion is Christ. Close

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