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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Small Business

I`m the owner of a small retail business and have decided that I need to close shop. I am in approx $10,000 worth of debt to hydro, taxes and various other places. I`m not sure what steps I need to take and how quickly I can declare bankcruptcy.

Posted from: Quebec

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One Response to “Small Business”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

You are best to consult directly with a local trustee on this as there may not be a need to file bankruptcy, but this I cannot determine without more information. What it will depend on is what type of assets you have in the business, but from the sounds of it you may simply need to close the doors, file a final year tax return and it may be as easy as that.