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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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Bankruptcy and Separation.

My wife left me 3 months ago due to financial difficulties. We are separated but not divorced. She is now outside Canada. I need to declare bankruptcy.

We had both incorporated a business in Canada in 2000 with her holding 51% of the shares and me holding 49%. We both had signing authority of the bank account of the corporation. I was a director , she wasn’t. She provided intellectual property and startup capital as loan to the corporation.

There were a series of winding up trasnsactions that occured between October 2005 and June 2006 between both of us and the corporation : repayment of loan by shareholder to corporation , dividend declaration and repayment of loan by corporation to shareholder. The company is now defunct.

My question is : If I declare bankruptcy now do I need to provide details of transactions between the corporation and my wife which occured during the period October 2005 to June 2006?

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One Response to “Bankruptcy and Separation.”

A licensed trustee said...

There may be issues relating to the business – that will be up to your trustee to determine. I think you should be prepared to discuss all of these transactions openly with your trustee before you file – you don’t want to hide things from your trustee because if they “discover” something like this on their own (and they will) things may not go very well for you after that… for the most part, the bankruptcy process is run on the honour system. If you do something to violate that trust you should expect things to become unpleasant…