Corporate Bankruptcy in Ontario
October 27th, 2006 by Questions
My husband & I opened up a company in Dec.’03. I am the 100% shareholder, president/director & secretary. This company is registered with on a First Nation in Ontario. He is an employee. We seperated June ’05 and are no longer working together. He has since run the company into the ground. We currently have a $30,000. unsecured line of credit which we both have signing authority for with a bank(overdrawn), a $23,000.loan which we both signed for and a $87,000. loan that only I personally guaranteed $25,000. of it for. My question is:how much of this would I be solely responsible for? Would he be responsible for any of it? Just checking out my options.And if I am unable to pay the creditors, can they come after me personally?
A little stressed