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Avoiding Bankruptcy

My wife & I work full-time, and also own a small corporation on the side. Can we file a Consumer Proposal for our personal debt without it affecting our company?

Posted from: Ontario

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One Response to “Avoiding Bankruptcy”

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

This is possible to do, although you must indirectly consider the business when determining what has to be offered when you put forward consumer proposal. The reason for this is that the consumer proposal is always drafted in comparison to what would happen if a bankruptcy would have been filed and in a bankruptcy there could be some direct impact on the business. So with the proposal the company must be informally valued, and this must be reflected in the offer that is prepared for creditors. However, if the proposal is accepted there won’t be any impact on your ability to have or run the business as you currently are.

The best thing to do is to first sit down with a local trustee and discuss the nature of your business and your personal debts, the trustee will then assist in crafting a proposal that has the greatest likelihood of success without impacting your corporation.