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Will filing a consumer proposal affect my business

I have a business, it is incorporated, if I file a proposal for my personal debt will it affect my business or my business bank accounts, I own this business with my spouse

Posted from: Ontario

One Response to “Will filing a consumer proposal affect my business”

A licensed trustee said...

Whether or not you business bank accounts will be affected, depends on what other debt syou may have with the bank you are dealing with and whether or not your business accounts are overdrawn.

If your business is not incorporated then it is not a separate legal entity. That means the business accounts are really your accounts (with a different name) and they may be seized and/or closed when you file a consumer proposal.

This is something to discuss in detail with your trustee BEFORE you file.