February 28th, 2012 by Questions
Will personal bankruptcy affrect my small incorporated business?
Posted from: Ontario
February 28, 2012 at 8:55 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Yes, when you are in bankruptcy you are not able to a director of an incorporated entity. So if nothing else you will have to transfer the directorship to someone else.
The other part of this is that you own the shares of the incorporated business, so those shares would have to be valued and if there is any value to them you would have to pay for the value of those shares.
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