Comments on: Will filing a consumer proposal affect my business http://www.bankruptcy-canada.ca/consumer-proposals/2010/02/will-filing-a-consumer-proposal-affect-my-business.html Personal Bankruptcy Canada Blog Tue, 07 Sep 2010 06:43:38 +0000 http://wordpress.org/?v=2.2.1 By: Ted Michalos, CA trustee http://www.bankruptcy-canada.ca/consumer-proposals/2010/02/will-filing-a-consumer-proposal-affect-my-business.html#comment-113710 Ted Michalos, CA trustee Sun, 07 Feb 2010 16:07:35 +0000 http://www.bankruptcy-canada.ca/consumer-proposals/2010/02/will-filing-a-consumer-proposal-affect-my-business.html#comment-113710 Whether or not you business bank accounts will be affected, depends on what other debt syou may have with the bank you are dealing with and whether or not your business accounts are overdrawn. If your business is not incorporated then it is not a separate legal entity. That means the business accounts are really your accounts (with a different name) and they may be seized and/or closed when you file a consumer proposal. This is something to discuss in detail with your trustee BEFORE you file. Whether or not you business bank accounts will be affected, depends on what other debt syou may have with the bank you are dealing with and whether or not your business accounts are overdrawn.

If your business is not incorporated then it is not a separate legal entity. That means the business accounts are really your accounts (with a different name) and they may be seized and/or closed when you file a consumer proposal.

This is something to discuss in detail with your trustee BEFORE you file.

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