ee Seamer

Bankruptcy

TORONTO (CP) —

lawyer Murray Page hasn't much Hime these days. A lot of desperate people need his help.

Page, 54, one of only about a dozen lawyers in Ontario who specialize in bankruptcy cases, says his workload has increased markedly because of deteriorating economic conditions over the last couple of years.

He and his partner, Glen Cooper, are booked salld

. three weeks in advance,

inctuding Saturdays. |

Thelr firm, Page, Cooper, Skryzlo, opened 900 files in 1979 dealing with bankruptcy cases. They opened 950 in the first 11 months of 1960.

Page is a allver-haired, man with a kindly demeanor. He has been a bankruptcy lawyer for 25 years and has seen a lot of sorrow.

“Bankruptcy is a traumatic experience for many people,” be said.

, The carpets get washed

here regularly by the tears.”

The federal ministry of consumer and corporate affairs reports that the ‘number of personal bankruptcies in Ontario

_ through August, 1900 rose

to ¢,-687 from 5,334 in the same period in 1979. Corporate bankruptcies increased {9 1,749 from 1,47.

For Canada as a whole, personal bankruptcies climbed to 13,745 from 11,870 and corporate failures to 4,399 ‘rom 3,700.

- Page said when a business succumbs to the weight of its debts, it often

drags others down with it...

“For instance, we act far almost the whole elothing industry and what happens there is that money to buy clothes, other than with credit cards, is not there,

THE ECONOMY: One ofa ‘series

30 inventory sits on on necessities of life such bankruptcy unless they pay

retailers’ shelves, as food.and clothing, nor of — thelr debts completely.

. “The retailers cannot alimony or maintenance Bankruptcy can be en pay. their. bills to payments. tered into two ways, either wholesalers, who also get voluatarily or involuntarily into trouble. While under bankruptcy, through the action of @

“With everymajorbank- 4 person cannof incur creditor. Page acts for both ©

‘ruptey, people fait by the —jighilities in excess of $500 deblora and creditors and.

. wayside who have given and cannot start a Said his priority is to try to

structure agreements Un-

them credit, It’s a domino " der provisions of the On-

business. He cannot buy on credit until two or three

Although declaring

bankruptcy can wipe the discharged from that debts can be paid back slate-clean and’ allow & bankruptcy. gradually, avoiding fresh start, Page views it ; . bankruptcy. a8 a last resort because the That takes a minimum of Page said about 90 per penalties are so high. three months, although in cent of the work he and his A -bankrupt individual practiveitismorelike nine partner do in the result of siands to lose all his assets months because of a reéferrals from accountants except for $2,000. Hels not - backup in the c and other lawyers. He said cleared of debts incurred tions are never few lawyers are familiar by fraud, nor of bills owing discharged from — with bankruptcy laws and

Northwood PCB probe. says there's no danger

PRINCE GEORGE, B.C. board cease ’ and desist informed that there was a (CP) — A Workers Com- > order, because of adispute problem with the chemical pensation Board inspection with the Canadian Pa- and he was sent out to of the Northwood pulp mill. perworkers Union. investigate.

‘here in November found no Union electricians refuse Janssen told the LB he

danger from PCBs, a B.C. toconnect electrical cables found po traces of leakage

Labor Relations Board lo PCBs-filled capacitors, or spillage in the capacitor

hearing wastold Thursday. saying the chemical is room or on. transformer, ‘Robert Janssen, an in- dangerous. sites at the mill,

dustrial hygiene officer Manufacturing and The inspection was

with the WCB, said he importing PCBs has been carried out with both union

prohibited by the federal government and where it is still used, it is covered by

and management per- sonne! present. He said there is h health

concluded that the poly- chlorinated biphenyls did not present’ any more

danger than any other stringent Tules. danger if PCBs are chemicals used in a pulp Janssen said the com- inhaled, particularly at mill, pensation board had been _—ihigher temperatures.

PCBs are wed in elec- trical: equipment for in- sulation because of their high burning point and stability.

The labor board. hearing was the sixth on the matter. Previous hearings were held in Vancouver late iast.year.. ...

Northwood Pulp and Timber Ltd. is secking a

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‘Bankruptey lawyer booked solid

clients often get bad ad- vice,

“A man walked in here last week, He had gone into bankrupicy but shortly before had transferred his bouse to his wifes name ; because a lawyer sald it

- ‘was the best thing ta do.

“Then he found the. trustee was taking shots at him. The trustee was right beeause under the Bankruptcy Act there are restrictions against Moat .

Sort of thing.

“We negotiated that one out but it shows that someone facing bankruptcy should go to & competent lawyer or trustee to discuss his problems and find out what he can and ‘cannot ‘do legitimately. to- avoid’ ‘ repercussions Jater on."

Most often, people vic- . timize themselves, Page - said. They overspend, abuse credit cards, get greedy or act blindly with- out, regard to market , conditions, they fail to get ! Proper accounting advice, ~ keep bad records or are - just plain incompetent. - i.

“Take a small candy ‘; store on a corner. If. the

owner is competent he + .

watches his inventory to keep it in line with sales, “TF be is incompetent, every salesman can: sel} him everything and he .

becomes. loaded with ‘in- -

ventory." - Page said that among his

clients ‘are ‘more

professional people such as

doctors, dentists, lawyers :

ine tt Cob

Late ,

<4

— omsomromrom—soll

MALT LIQUOR ~ UQUEUR DE MALT

ee

“Titroducing Extra Old Stock in ie

new convenient 24 p

jealous or greedy and

* tists are the biggest marks

for tax schemes such as Memory Oynamics, Parent -Ef- moyies They borrow from . fectiveness, Photography, Public -banks. and when the Speaking, Sexuality, Microwave

na ngesald the best adice In addition to these, general interest borrow as little as possible courses, there are many Academic and because. money [3 so ex- Vocational Full and part-time of- ‘pensive. Without drastic ferings.

ii ° S

. wo tee . _- . ; , : tof : . . . . : . : = : : : la 5 a E

—_ a sa | e - |

w= << ne oe

Th Herald; Friday, January 14, 1981, Pape 5

Herald Classifieds

_ 635-4000

REGISTRATION

Northwest.

and accountants -than he _ Sk Mma

has ever seen. eena Mall mmu “While the market was asa January 17, Saturday callege nity

buoyant, they saw their 7 Nam. 3pm.

clients making money in ' .

real estate and other in- :

vestments. They got Community Education Programs this

winter include Marriage Preparation,

Rgured they could dot t-0 French, Boating Safety, Breadmaking,, knowledgeable. Fashion Arts, Astrology, Quit

Smoking, - Metrication,

Pottery, Papermaking, ~

ily And doctors and den. “Time Management,

scheme does not pan oul,

they are on the hook.” Cooking and more. oy

changes jn the economy, ‘ ‘more , individuals and corporations will - find themselves sitting in a benkrupicy lawyer's offn- ce, ., “T think we are going to be very busy,” Page said.

‘Registration Continues next week at .

the college Mon.-Fri. 8am- ‘4pm. ‘Mon.-Thurs. 6pm - -8pm.

mets —— > ~ —-- cos ~<m

—.- ma: = +

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