Disposition of assets of a CCPC in shareholder’s bankruptcy
March 11th, 2007 by Questions
Me and my wife jointly own a Canadian Controlled Private corporation in business for 7 years with significant assets. I own 40% of the shares and she owns 60%. Both of us are employees of the corporation. I’am the director of the company. The paperwork and the accounting are clear for the corporation and all assets can be proved to have been purchased with the corporation’s funds. There has been no commingling of funds. My question is: If I declare bankruptcy can the creditors go after the assets of the corporation?