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What are my options

i have corporation in canada which has about 450,000 in back taxes, vendor payments etc. i have receivables due to me for 202,000, which i believe are not recoverable. what are options?

Posted from: Quebec

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One Response to “What are my options”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

To answer this you really need to meet with a local trustee . The available options may have to be focused on the business or potentially you personally, depending on the breakdown of the tax debt (i.e. are we dealing with corporate tax, GST, PST or payroll remittances) and the presence of any personal guarantees.

By reviewing these types of details with the trustee they will be able to help you determine whether you need to consider a bankruptcy or a consumer proposal is necessary or whether things need to be handled on a commercial scale.