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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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New business set-up after bankruptcy

How long after a bankruptcy in Ontario does a person have to wait before setting up a new business?

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One Response to “New business set-up after bankruptcy”

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

The only requirement under both the Canada Business Corporations act and most provincial counterparts is that while in bankruptcy you cannot be a director of a limited company. This limit is only in place as long as the bankruptcy, so as soon as you are discharged you can set up a limited company as quickly as you like. However, if you want to do some self employed work during the bankruptcy, as long as you are not extending credit terms to your customers, you can typically operate as a proprietorship until the bankruptcy is finished.

This is a good issue to discuss with your trusteetrustee.