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Incorporated Company

Hello, I have a small incorporated company, I`m the only share holder and I`m the only administrator, the company has no assets and the bank account for the company is almost empty. Still I`d like to keep it to do future business.

I am now forced to declared personal bankruptcy, is there anyway I can keep my incorporated company? or am I forced to give it up?

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One Response to “Incorporated Company”

Barton Goth GCO Bankruptcy Trustees said...

You should discuss this in more detail with a local trustee as it will require a little professional discretion to be exercised.

If the company has no assets and therefore no real value you don’t have to worry about the trustee seizing the shares. However, the biggest problem is that under both provincial and federal legislation you are not entitled to be a director of a corporation. Now if the company is dormant and remains dormant you probably won’t have any issues arise, but if you intent to use the company at all you must ensure someone else is the director.