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    Canada · guide for SMEs

    Canada: a step-by-step guide for SMEs

    For companies with 30 to 249 staff at their peak that are in a formal insolvency process or have closed. Six steps, in order, from authority to a signed licence.

    Who decidesLicensed insolvency trustees, receivers and court-appointed monitors
    This guide30 to 249 staff at their peak
    micro1 timingReview within 30 days, pay within 30 days of invoice
    Cost to youNothing from us

    Read the enterprise guide instead →

    1. 1

      Confirm who can sign

      In bankruptcy, the licensed insolvency trustee holds and realises the company's property (Bankruptcy and Insolvency Act). Get the authority in writing before you speak to any buyer.

    2. 2

      Check the company's status

      The Office of the Superintendent of Bankruptcy lists insolvency records; Corporations Canada and provincial registries show status. When a federal corporation is dissolved, property it had not disposed of generally vests in the Crown (Canada Business Corporations Act, s.228). Provincial laws are similar.

    3. 3

      Export the records now

      List the tools the company used, then export from each one while access still works. Check the records are in English.

    4. 4

      Take people out

      PIPEDA, and provincial laws in Quebec, British Columbia and Alberta, continue to apply to personal information in the records. Employee and HR records are usually left out entirely.

    5. 5

      Run the fit check, then apply

      micro1 lists companies that are no longer operating, with 30+ peak employees and English records, in ten countries including Canada company.micro1.ai/get-started · 15 Nov 2026. Our fit check takes two minutes.

    6. 6

      Review, take advice, sign or walk away

      micro1 says it reviews and approves the data within 30 days, then pays within 30 days of invoice. In receiverships and CCAA proceedings, sales usually need court approval. Take advice on the contract; you can stop at any point before signing.

    Tips for SMEs

    • Act within weeks. Software subscriptions lapse after closure and exports disappear with them.
    • One person usually knew every system. Get their help with exports before they move on.
    • Keep it simple: one export per system, one adviser, one decision.
    • Ask the former IT provider or MSP for admin access and a list of tools in use.

    Common pitfalls

    • When a federal corporation is dissolved, property it had not disposed of generally vests in the Crown (Canada Business Corporations Act, s.228). Provincial laws are similar.
    • Sending a sample before a contract covers handling and confidentiality.
    • Leaving employee or customer personal data in the export.

    General information, not legal advice. Full Canada rights guide →

    See if your company fits

    Built for SMEs in Canada.

    Check your fitApply with micro1 (opens in a new tab)

    Referral link. As an independent referrer we may receive a fee from micro1 if a qualifying deal completes. You pay nothing.

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