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disclosure

If someone has filed Bankrutcy an they recieve a back payment on GST, an they fail to report it to Trustee what is the penalty

Posted from: Ontario

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One Response to “disclosure”

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

This failure to disclose is a very significant issue. It could be construed as fraud as you are knowingly neglecting to disclose something to your trustee that you have a legal responsibility to disclose. It could also be considered to be an offense under the Bankruptcy and Insolvency Act. Regardless of what it is defined as it could result in you being in-eligible to be discharged from your debts, or if it is discovered after you have been discharged it would result in your discharge being annulled. At which point it would be up the court to determine what would happen with you and typically the court does not react well to attempts to defraud the Bankruptcy and Insolvency system. My recommendation: they should tell their trutee immediately as the ramifications are very significant.