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corporate bankrupcy

my company taxes shows a loss of $10,000.00 last year, and the company has not been running since May. I owe gst of over $5000.00 and another $15000.00.
Will claiming bankruptcyy on the company (incorporated company) effect my personal credit, and will i still be responsible for any monies owed to the government.

Posted from: British Columbia

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One Response to “corporate bankrupcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

A corporate bankruptcy would not affect your personal credit, but potential director liability for certain debts may. For instance, debts like GST and Payroll remittances survive the corporate structure and the director is personally liable for.

As a result it is important to consult with a local trustee to determine if a corporate bankruptcy is necessary or if you simply need to close the company and concentrate on the debts you will be left with.