Comments on: What personal assets may a Director keep in a banrupcy of Business? http://www.bankruptcy-canada.ca/bankruptcy/2009/05/what-personal-assets-may-a-director-keep-in-a-banrupcy-of-business.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy http://www.bankruptcy-canada.ca/bankruptcy/2009/05/what-personal-assets-may-a-director-keep-in-a-banrupcy-of-business.html#comment-98572 Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy Mon, 11 May 2009 12:41:58 +0000 http://www.bankruptcy-canada.ca/bankruptcy/2009/05/what-personal-assets-may-a-director-keep-in-a-banrupcy-of-business.html#comment-98572 If a business files <a href="http://www.moneyproblems.ca/personal-bankruptcy-canada.htm" rel="nofollow">bankruptcy</a>the personal situation of a director is not impacted, nor are any of there assets unless the company has debts where the director has personal liability. The debts that the director is at risk of personally are as follows: 1. GST arrears; 2. payroll remittances; 3. outstanding wages for employees (amount varies between province, but usually up to 6 months arrears) 4. any personal guarantees that the director has signed; 5. any penalties associated with negligence or misappropriation. If you don't have any of these types of debts then the business filing a <a href="http://www.bankruptcy-canada.ca/whatIsBankruptcy.htm" rel="nofollow">bankruptcy</a> won't have any real impact on it's directors or their personal assets. If a business files bankruptcythe personal situation of a director is not impacted, nor are any of there assets unless the company has debts where the director has personal liability.

The debts that the director is at risk of personally are as follows:
1. GST arrears;
2. payroll remittances;
3. outstanding wages for employees (amount varies between province, but usually up to 6 months arrears)
4. any personal guarantees that the director has signed;
5. any penalties associated with negligence or misappropriation.

If you don’t have any of these types of debts then the business filing a bankruptcy won’t have any real impact on it’s directors or their personal assets.

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