corporation bankruptcy

July 27th, 2005 by Questions

My husband has a Limited company. If the company goes bankrupt can or will our assets such as our home, RSP\’s, vehicle etc. be confiscated or garnished?

Questions

One Response to “corporation bankruptcy”



July 28, 2005 at 12:00 pm, Barton Goth, GCO Inc. Bankruptcy Trustees said:

This will depend on the type of debts within the limited company. As there are certain debts that a director is personally responsible (i.e. payroll remittances, GST, anything that has been personally guaranteed…) and if you have any of these types of debts there can potentially be an impact on personal assets such as a vehicle or RRSP’s. I recommend contacting a trustee in your local area and have them review the types of debts with in the corporation and have him advise you on any potential director liability.

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