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personal Bankruptcy

I own a small business that is incororated with other partners. I have a large personal debt I cant seem to crawl out of because the business is not making money. If I declare personal bankruptcy what happend to my company.

Posted from: Alberta

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One Response to “personal Bankruptcy”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

If you declare bankruptcy the shares in this incorporated company will vest in the trustee. Meaning the trustee will have to look at these shares and determine if there is any value to them. If so the shares would have to be sold and the proceeds distributed among your unsecured creditors. Now likely, if the company is not making any money, there is no value to the shares so you won’t have to worry to terribly, but if there is your trustee would likely explore the option of selling the shares back to your other partners.

The other thing you need to be aware of is that during bankruptcy you are not eligible to be a director of a limited company. So if you are currently listed as director you should transfer one of your other partners into this position.