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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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Personal vs Business

If someone claims PERSONAL bankruptcy and is the sole owner/operator of a LTD company what effect does that have on the company…can it remain solvent??

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One Response to “Personal vs Business”

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

This is a very complicated issue that you will need to discuss with a licensed trustee in your area. Technically the company can remain solvent, however, under the Business Corporations Act (both federal and its provincial counterpart) if you file a bankruptcy you are not eligible to be a director of a limited company. Furthermore, if your company is solvent, has any assets or residual value to it, this will be considered an non-exempt asset in bankruptcyand any value is going to have to be reflected on your Statement of Affairs and made available to the creditors (either directly or indirectly)