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Creditor protection

We are in the process of closing our incorporated business. We are paying our secured creditors first – then if any money left over – we will pay our un-secured in the proper order.

One of the crediors I explained this to today – asked if I had creditor protection – what does that mean?? Am I not protected personally – since this is an incorporated company??

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One Response to “Creditor protection”

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

Being incorporated doesn’t protect you entirely from personal liability. As a director there are certain types of personal liability you can incur. Some of the more common items are personal guarantees you may have signed, a portion of unfunded payroll or source deductions, GST or any liability associated with director negligence, or misrepresentation. If you have some questions about these things you may consider discussing things with a licensed trustee but it may be more appropriate to consider consulting with a solicitor who is familiar with corporate governance issues.