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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Government Involvement

Hi, I was the director of a business which will soon have to claim bankruptcy … my question is: if there is retail sales tax owing and the business is unable to pay it, can they come after me or freeze my personal bank account in order to claim it?

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One Response to “Government Involvement”

A licensed trustee said...

Yes, the government can and (eventually) will. As a director of a corporation you may be held personally responsible for all of the corporations government obligations: sales taxes, income taxes, source deduction, etc… In addition, you may be held responsible for unpaid wages and some other corporate debts.

If you have access to the companies trustee I suggest you have a private conversation with them regarding your personal exposue. Alternatively, use the links to find a trustee in your area that you can speak to before the companie files for bankruptcy.