How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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Transferring the principal of a corporation

Is there any concerns with transferring the principal of a corporation into someone else’s name. The Existing corp. has only one shareholder who is contemplating personal bankruptcy but not corp. bankruptcy.

Posted from: Ontario

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One Response to “Transferring the principal of a corporation”

Doug Stuive, CA | Trustee | CIRP said...

A transfer of this kind is a reviewable transaction. This means the trustee would need any and all documentation relating to the corporation. They would be looking at the value of that corporation to make sure there are no issues that would affect the bankruptcy. If the shares in your corporation hold any value then a transfer of this kind would become an issue.