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company bankruptcy

I am the sole director of an Ontario Corporation that is deeply in debt, mostly to a single supplier. Are trustees for personal bankruptcy also qualified for corporate bankruptcy? Does a `consumer proposal` also apply to a corporation?

Posted from: Ontario

One Response to “company bankruptcy”

A licensed trustee said...

Most trustees are licenced to perform both personal and corporate bankruptcies – simply ask them when you call.

As far as consumer proposals go, you may use them to deal with debts that you are personally liable for – a consumer proposal may not be filed by your corporation (corporations have to use something called a Division I Proposal). Which ever trustee you talk to will explain all of this to you.