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Can my ltd company file for corporation bankruptcy without me filing for personal bankrupt?

I own a limited company with $32,000 owing to CRA. Can my ltd company file for corporation bankruptcy without me filing for personal bankrupt? Will it affect my personal financial situation?

Posted from: Ontario

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One Response to “Can my ltd company file for corporation bankruptcy without me filing for personal bankrupt?”

A licensed trustee said...

It can, but it won’t solve your problem. If the corporation files for bankruptcy, then as a director you become personally liable for the corp’s government debts. In other words, if the corp files then you will have to personally pay the $32,000 to CRA.

Find a trustee in your area and go and see them – likely they will tell you not to bother bankrupting the corporation, but you may have to do something yourself…