September 30th, 2011 by Questions
How long after declaring bancrupcy do you have to wait before you could open a limited company? And can you have employees in your company while in your bancrupcy term (9-21 months). Thank-you
Posted from: British Columbia
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September 30, 2011 at 11:48 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
The challenge with opening a limited company is that you are not permitted to be a director of the limited company while you are in bankruptcy. So being director is out of the question until you receive your discharge. But you can still open one, as long as you arrange for someone else to be the director. As for the employee issue, there is nothing in the Bankruptcy and Insolvency Act that comments as to whether you can or can’t have any employees during the bankruptcy.