bankruptcy of a limited company and director liability for taxes
November 22nd, 2009 by Questions
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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November 23, 2009 at 8:41 am, 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.