Some Reasons Why You Need an Personal Property Appraisal

Business Evaluation Appraisal:

• Machinery, Equipment, Goodwill
• Values of tangible and intangible business assets
• FMV - Fair Market Value for merging, loan request, raising capital, partnership or marital dissolution in Litigation or sale
  

Many clients are curious about the value, or how much your business may be worth in today's market. Most business owners do not know how to possibly value and price a business for sale; buying an existing business, research the possible market values before making an offer to purchase a business or a separation of partnership.  You will need a business or a company valuation for legal; partnership, estate, Revenue Canada tax or financial reasons.

Business Evaluation Appraisals, including machinery and equipment; client lists, logos, trademarks, inventory and Goodwill are included in a business evaluation or business appraisal. The appraisal is an all-inclusive business appraisal of tangible and intangible assets of the business and its potential to earn profits in the opinion of the evaluations of a business Appraisal Expert. If your company is not a public traded company, the business evaluation appraisal will require an Accredited Appraiser to compile the history of your company and apply the correct methodology that is compliant with government excepted rules and standards. If the business is being sold, acquired, merging, seeking a loan, raising capital, or is involved in the partnership or marital dissolution, a business evaluation appraisal will be desired by an Accredited Appraiser who is also an Expert Appraisal Witness.

If the purpose for your business appraisal (listed above) has the slightest chance of entering into litigation your business evaluation appraisal needs to be prepared by an Expert Appraisal Witness that is qualified by the court to irrefutability defend your business appraisal. Because the business evaluation appraisal is not a science, but an professional opinion of a qualified expert you must consider the Appraiser doing the business evaluation appraisal, and their expertise before choosing a Business Evaluation Appraiser.

Estate Probate Appraisal:

• Probate - Proof of Wills
• Equitable Distribution of assets
• FMV - Fair Market Value for sale to 3rd party

Many clients are unaware that the Personal Property of an Estate must be inventoried and valued during the Probate process. This requires the services of a Certified and Accredited Personal Property Appraiser who must provide a value of the estate's contents as of the date of the descendants' death.

If this is not done in a timely fashion, the Estate may be rejected by the Provincial Court System. We are experienced in providing legal appraisals for the purposes of Estate Settlement and Probate and can assist you or your personal representative in their obligations involving Federal tax liability.

Financial Appraisal:

• Banks/Credit Unions - loan purposes (Small Business Development Lending)
• Banks/Credit Unions - to evaluate equity position
• Accountants/Receivers - to assist in business valuations
• Financial Advisors - assist in Estate planning (valuation of collectable's)

Public and private corporations; financial institutions, receivers and trustees in bankruptcy: rely on our experienced appraisals to accurately value assets for financing; disposals, insurance, merger and acquisition purposes. They expect and always receive Professional and Reliable Appraisals. Assets can include machinery, equipment, consumer products, industrial inventories, as well as anything that is not 'Real Property', meaning WE DO NOT conduct Land and or Building Appraisals.

Divorce Appraisal:

• Dispute over value of Marital assets
• Equalization of Separation
• Expert witness in court when there are disputes on value

Starting a Divorce Claim in Provincial Court, or Superior Court - preparing and managing a Divorce can be a complicated and difficult procedure. In most Provinces, but each spouse is often entitled to some portion of all matrimonial property. The term is known as Equalization or the distribution of marital assets, requires a careful description and valuation of Vehicles, Boats, Furniture, Accessories, Jewelry, Antiques and other household items.

We can help by providing a detailed and descriptive inventory to accurately appraise all of your commonly held personal property. Your Divorce Lawyer will receive a thorough, objective report that meets the standards and guidelines of USPAP (uniform standards of professional appraisals practice), satisfies the requirements of Provincial Court ordered equitable Distribution / Equalization.

Bankruptcy Appraisal of Assets:

• Receiverships (for secured creditors)
• Trustees (personal/ business)

A trustee in bankruptcy (trustee) is responsible for administering the affairs of the bankrupt estate. This involves, inter alia, preparing an inventory of existing assets, releasing assets to the secured creditors, gathering and liquidating existing assets, reviewing claims to the assets, and paying dividends to creditors in accordance with the scheme of distribution in Section 136 of the BIA ( Bankruptcy and Insolvency Act ).

The federal Bankruptcy and Insolvency Act ( BIA ) and Companies' Creditors Arrangements Act ( CCAA ) are administered by the Office of the Superintendent of Bankruptcy ( OSB ) and the Courts respectively.

PersonalPropertyAppraisal.ca can provide Certified Canadian Personal Property Appraisals for TRUSTEES and for Individuals and or companies that have or considered filing for Bankruptcy in Canada. We are not Trustees, please contact your lawyer or Trustee for more information and direction.

Insurance Claim Appraisal:

• Pre-Loss - for endorsements or riders
• After Loss - value after a claim
• Loss of Value due to Damage / Fire / Flood / Theft

Antiques, family heirlooms, art objects and collectable's can valuable assets. Unfortunately, most people rely on their homeowners insurance for protection against losses. Many are unaware that their policies usually exclude : Antiques, Coin Collections, Furs, and fine art objects.

To ensure complete Replacement Cost Coverage, you should have your Personal Property Appraised by a Certified and Accredited Appraiser. We specialize in providing Appraisals for purposes of Insurance Replacement often required in claims involving loss, moving damage, theft, damage or destruction from : fire, smoke or flood damage.

Charitable Donations Appraisal:

• Numerous Techniques
• Revenue Canada compliant

If you're considering making a tax deductible, non cash charitable contribution or need to file a casualty loss claim, we can assist you with a Federal or Provincial Tax Appraisal. We follow Revenue Canada's strict requirements regarding the submission of formal appraisals from a Certified and Accredited Appraiser.

Bailiff Appraisal:

• Distraining of Assets - Commercial Tenancies Act
• Sale of Vehicles/Assets - Repair Storage Liens Act

In most cases when it comes to a Commercial or Industrial Tenant - A landlord can hire a Bailiff to seize and dispose of a tenant's property that is contained within the rented premises. The landlord is not required to give advance notice of seizing the tenant's property, unless the lease provides for it. However, Provincial Bailiffs are required to notify the tenant of the distress and the sum of monies required to cure the default before proceeding to sell the seized property.

Before disposing of seized property, the Bailiff must hold it for five days. If the proper payment is made by the tenant in this five day period, the Bailiff is not permitted to sell the tenant's property. Otherwise, after the Accredited Appraisals are made, the property can be sold. There must be 2 Independent Accredited Personal Property Appraisals done before liquidation of the assets can be sold. This is the Law in all most every Province.

 

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