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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 Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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new business ?

Hello,

I am considering filing for bankruptcy. I owe 75K in payroll taxes and GST. I have a new business idea and I was wondering if I claim bankruptcy, can I open a new business before I claim ? will it be touched ? What if I incorporate it and then claim ?

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One Response to “new business ?”

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

You cannot be the director of a corporation while bankrupt. If your company is not a corporation, there are still a number of issues to be considered, but it is possible to go bankrupt and continue operating your business.

This is a complicated area, so you contact a licensed trustee to get advice on how best to handle your situation.