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Assets outside Canada

What happens if I go bankrupt and I have assets in another country. Will I also lose these assets, i.e. a part share in a property?

One Response to “Assets outside Canada”

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A licensed trustee said...

When you file for bankruptcy in Canada you are required to disclose all of your assets where ever they may be (in the world). For example, if you own property in Europe and you file for bankruptcy in Canada the property becomes an asset that your trustee will be required to deal with – your discharge from bankruptcy may be refused if the property is not dealt with. In most cases, the value is determined and you (or your co-owners) are given the option of paying your trustee an amoun equal to the value of the asset. In this way your creditors receive what they are entitled to and your bankruptcy can be be completed.