July 27th, 2005 by Questions
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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July 28, 2005 at 12:00 pm, 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 RRSPâ€™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.