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Insolvent Company

The company had 2 directors, 1 resigned I am now left the sole director. The company is insolvant, no assets. Over 3 years the other director failed to pay all the source deductions. Am I responsible as a director for the employer portion of CPP & EI

Posted from: Ontario

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One Response to “Insolvent Company”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

As a director you are personally responsible for any outstanding GST or the employee portion of the payroll remittances.

As for the employer portion of the deductions, this doesn’t survive the corporate structure.