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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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Personal Bankruptcy and Having your own Business

If you file personal bankruptcy, how does that affect having your own Corporation? Can you be an owner or director of a Corporation if you file personal bankruptcy? If not, is this just during your bankruptcy until discharge or for a certain period of time?

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One Response to “Personal Bankruptcy and Having your own Business”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

There are also special ramifications on the ownership of shares during bankruptcy that depend on the type of company owned and the value of these shares. For a discussion of this you are best to contact a local trustee as the answer will be situation specific and may depend on provincial legislation.