How to Recognize Red Flags, Prevent Insolvency, and Protect Your Personal Assets with Scott Terrio

In this episode of The Clinic Boss Show, Rick sits down with Scott Terrio, consumer insolvency expert and senior advisor at Hoyes Michalos, to unpack the financial crisis few clinic owners talk about: personal debt, tax traps, and business insolvency.

With over 15 years in the insolvency industry and 8,000+ client filings under his belt, Scott brings a sharp, no-BS perspective on how smart business owners end up financially ruined and what they could’ve done to prevent it. Known for his straight-shooting advice and regular appearances on BNN Bloomberg, CBC, and Moneysense, Scott breaks down the difference between bankruptcy and consumer proposals, the red flags clinic owners ignore, and how to legally protect your home and assets when things go south.

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In this conversation, Scott and Rick dive into topics such as:

1. Avoiding Financial Ruin as a Clinic Owner

• Why Most Business Owners Wait Too Long to Call a Trustee
• The Hidden Dangers of Personally Guaranteed Leases & Loans
• How to Know When It’s Time to Shut Down Your Business

2. Bankruptcy vs. Consumer Proposal: What Every Owner Needs to Know

• How Consumer Proposals Work—and Why 90% of People Choose Them
• What an R7 Credit Rating Means for Your Future (and How to Recover)
• The 3 Factors That Decide How Much of Your Debt You Can Wipe Out

3. The Truth About Incorporation & Liability

• Why Your Corporation Doesn’t Actually Protect You from CRA
• Director Liability 101: What the Government Can (and Will) Come After
• Smart Moves to Shield Your Assets Before Trouble Hits

4. From Taxes to Insolvency: The Domino Effect Killing Small Businesses

• The Most Common Mistakes with HST and Payroll Tax
• Why Overleveraged Homeowners Are Filing in Record Numbers
• How to Spot—and Stop—a Financial Spiral Before It Starts

5. Mental Health, Money Stress & the Cost of Hanging On Too Long

• The Emotional Toll of Business Debt (And Why It’s Not Just About Money)
• What Really Happens to Your Life After a Proposal or Bankruptcy
• Why Calling a Trustee Early Could Save Your Health and Your Marriage