Bankruptcy of a corporation

December 21st, 2009 by Questions

I have a question around bankruptcy of a business where the principal directory and 100% shareholder has died.
How should I go about closing this business and what happens if he has given a personal guarantee on company loan?
He gave a guarantee on his house which is no longer under his name (it has been transfered to his wife) and he own no other assets.

Posted from: Ontario

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One Response to “Bankruptcy of a corporation”



, A licensed trustee said:

You’ve got enough going on here that you’d be better served contacting a trustee directly, or a commercial lawyer. You’ll need the most recent financial statements and bank statements for the business and a list of all of the debts that the deceased had (in addition to the loan guarantee). The houe may complicate things further dependingon when the transfer was made to his wife.

Sorry, but you’re looking for answers that are more complicated than you can get froma free website.

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