Director of Corporation

January 13th, 2007 by Questions

Me and my Common-Law are Directors of a Corporation. The Corporation owns a Franchise. My question is – If I claim Personal Bankruptcy does this effect the Corporation in anyway other than any income coming my way from the Corporation?

Questions

One Response to “Director of Corporation”



, A licensed trustee said:

If you file bankruptcy you may no longer serve as a Director of the corporation. In addition, if you are a shareholder and you file, all of your shares “vest” in your trustee which may complicate things for the franchise. I suggest you contact a trustee to discuss this in greater detail before you commit to anything.

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