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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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corporation bankruptcy

My husband has a Limited company. If the company goes bankrupt can or will our assets such as our home, RSP’s, vehicle etc. be confiscated or garnished?

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One Response to “corporation bankruptcy”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This will depend on the type of debts within the limited company. As there are certain debts that a director is personally responsible (i.e. payroll remittances, GST, anything that has been personally guaranteedâ€¦) and if you have any of these types of debts there can potentially be an impact on personal assets such as a vehicle or RRSP’s. I recommend contacting a trustee in your local area and have them review the types of debts with in the corporation and have him advise you on any potential director liability.