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bankruptcy of a limited company and director liability for taxes

if a limited company goes bankrup dose it still owe taxes or can they come after the onwer of the company

Posted from: British Columbia

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One Response to “bankruptcy of a limited company and director liability for taxes”

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

There are certain types of debt that will survive the corporate structure regardless of whether a bankruptcy is filed or not. The major ones you have to be concered with are:

a) personal guarantee’s;

b) GST; and

c) payroll remittances.

If you have any of these types of debt as director you are responsible and therefore they will not be released by the filing of a corporate bankruptcy.