Personal Bankruptcy with incorprated company

March 24th, 2009 by Questions

I am sole shareholder in 2 one man companies neither of which have no assets and both of which were set up to primarily enable some music production in a project that never made any money.
2 credit cards were in my name and connected to one of the businesses.
One company has been stripped of it`s corporate status and the other is basically
inactive BUT still has a Canadian bank account and I am still shown as the sole owner/shareholder. Should I immediately close the account? Should I remove myself
NOW as a principal…ie President?

Thank you.

Posted from: Ontario


One Response to “Personal Bankruptcy with incorprated company”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

The only requirement is that you cannot be director of an incorporated / limited company while in bankruptcy. So you can keep the companies as they are as long as you can find someone else to take on the director role. Of course these companies and their current status must be disclosed to your trustee, but that goes without saying.

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