New Incorporation while in Bankruptcy
If a person declares personal bankruptcy, are they allowed to start or be involved in a new business ? And be an employee of that business from a salaried income standpoint ?
Posted from: Ontario
If a person declares personal bankruptcy, are they allowed to start or be involved in a new business ? And be an employee of that business from a salaried income standpoint ?
Posted from: Ontario
Yes, you may start a new business. You may own shares in a corporation – what you cannot do is serve as a director of the corporation while you are an undischarged bankrupt.
This is something you should discuss with your trustee in detail BEFORE you start the new business.