Help please

I own a non active Alberta Limited numbered company and bank account. If I were to file personal bankrupcy in Ontario, will I have to give up this company???

One Response to “Help please”

A licensed trustee said...

Yes – if you file for bankruptcy in Canada then you are required to surrender any assets that you own located anywhere in the world to your trustee. In most cases, your tustee will allow you to pay the Court an amount equal to the value of the asset if you really want to keep it – in the case of something like your numbered company you may be allowed to pay your trustee what it would cost to set up a new company in Alberta in order to keep your existing company.

I strongly suggest you discuss this in detail with your trustee before you file for bankruptcy – in most cases we will discourage people from “buying” old companies back.