personal or corporate

May 30th, 2007 by Questions

I owe PST and GST around 175K. If I personaly declare bankrupcy will all my company debts be included in the bankruptcy? I also sold my share of the house my wife and I live in around 5 months ago do to cash flow problems in the company, it was legally done at the notary, can anything happen to my wife in this?


One Response to “personal or corporate”

, Barton Goth GCO Bankruptcy Trustees said:

This largely depends on what happens to the company. If the company has been closed prior to the declaring of bankruptcy then yes the debt will be cleared, but if the company continues to operate your company must ensure the amounts in question are paid (assuming this is a corporation, if you are running a proprietorship the answer will change).

As for the house you sold, this is a much more difficult issue that you must review with a licensed trustee in person as a great more detail will be required to determin if this is a transaction that will stand or not.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)