FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

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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Small Company

I just started a small company to do bookkeeping out of. It has no assets and is in a loss position.

How does me going bankrupt effect it if I’m the only director/shareholder?

Should I get another shareholder to take 50% of the shares prior to the bankruptcy?

I’m not trying to hide income, I’m trying to create a business to make a better life but before then I’m going to have to go bankrupt.

Thanks!

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One Response to “Small Company”

A licensed trustee said...

You cannot be the director of a corporation while bankrupt. If your company is not a corporation, there are still a number of issues to be considered, but it is possible to go bankrupt and continue operating your business.

This is a complicated area, so you contact a licensed trustee to get advice on how best to handle your situation.