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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 VS Business Bankruptcy in Canada

If I declare personal bunkruptcy, what are the liabilities of a corporation where I am 25% owner?

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One Response to “Personal VS Business Bankruptcy in Canada”

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

This will depend on the type of debts within the limited company. The typical debts that you must be concerned with include a) outstanding employee wages, b) payroll remittances, c) GST, and d) anything creditor with who you have personally contracted (i.e. any debt where you have signed in your personal name or signed a personal guarantee. There may be some additional liabilities as a result of provincial statutes that can vary significantly depending on where you live. The best thing to do would be to contact licensed trustee in your area and they would be able to advise you of these specific provincial regulations.