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Last modified: 2021-08-10 | Approximate reading time 3 mins
You are a renovation contractor and you have experienced bankruptcy of your company? There are all sorts of reasons why a renovation business can go bankrupt. It is far from being a question of competence and the quality of the work done.
Sometimes it's after bad luck, because of the state of the economy, as a result of situations with colleagues and many other reasons that are wholly or partly out of your control.
All this is to say that bankruptcy does not necessarily mean the end of your career as a business homeowner. Indeed, even if your company has gone bankrupt, there are ways to recover an RBQ license and be able to return to work.
Here are some important things you should know about it.
Portrait of a situation: your business must close following a declaration of bankruptcy. You will therefore lose the RBQ license with which you did your work. If you have other companies associated with other licenses, these may also be affected. Depending on the reason that led to the bankruptcy of your business, you may face consequences that can vary in duration from a few months to several years.
It is with the RBQ that you will have to find out if you will be able to get your license back and if so, under what conditions and within what time frame. Be aware that there are subtleties between personal bankruptcy and bankruptcy that is protected by the incorporation of the company.
Therefore, you find yourself bankrupt, without the possibility of working legally as an entrepreneur. It's not ideal as a situation, but it's not the end of your career!
If your goal is to get an RBQ license back and open a new renovation business in a few years, don't lose hope! The system is made to allow you to have other chances, especially if the bankruptcy is not due to personal faults and misconduct on your part.
First of all, you have to be patient. It is a matter of time, organization and humility. You may have to go to work as an employee for a period of time, the time to make a name for yourself and put your finances back on track. Your skills as an entrepreneur can be used and you won't need to turn your thumbs while waiting for the bureaucracy to do its work! For example, you could work as a team leader in another company.
After about a year (or more, depending on the situation), you will be able to plead your case with the RBQ. It's possible that if your file is in order and that you can prove that the bankruptcy is not caused by serious misconduct, you can get a license back fairly quickly.
Statistics show how common it is to go bankrupt during an entrepreneurial career. That doesn't mean it's the end! Indeed, it is absolutely possible to get back up after bankruptcy and be able to return to work, while having learned very important lessons.
Indeed, if you have experienced bankruptcy, you are right to experience frustrations, but do not forget that it can be a rich experience from which you will learn a lot!
For example, if your business was not incorporated and you were forced to file personal bankruptcy in addition to closing your business, you are not going to want to take that risk next time! Your next company, you will quickly want to incorporate it to protect yourself. That way, the risk will be less and you will be able to get back on your feet more easily if your next business ever faces difficulties.
Want to start the incorporation process for your business? Lex start is here to help! Lex start offers affordable incorporation legal kits (check their website to see the current rates) as well as unparalleled support so that the process is as simple as possible for you and your renovation company.
RenoQuotes.com can help you get home renovation contracts. We get requests from clients looking for trusted home renovation professionals just like you. Fill out the form on our homepage (it only takes a few minutes), and you will receive information on how to get new clients for your renovation company through our service.
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