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Bankruptcy and impact on director

My husband is from Ontario Canada but lives in the US now. He has a company In Canada that might go into bankruptcy, how will that effect him in the us? he does have a green card in the US and his a Canadian citizen. will his personal assets here in the US be at risk?

Posted from: Ontario

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One Response to “Bankruptcy and impact on director”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

There are so many variables that this will depend on you will need to get in touch directly with a licensed trustee as it will take some time to sort out the infomation necessary.

The big thing will come down to the type of debts the business has, as certain debts will survive the bankruptcy of the business and the director will be personally responsible for. These include:

1. Any debt personally guaranteed;
2. Any outstanding GST;
3. Any outstanding Wages; and
4. Any outstanding payroll deductions;

If the business doesn’t have any of these types of debts you may not have to worry. However, if you have these types of debts there will likely be an impact personally and the more of these types of debts the greater the personal impact.