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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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Looking for an answer!

If I claim bankruptcy on a small incorporated business, does it affect me personally? I am 100% share holder.

Posted from: New Brunswick

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One Response to “Looking for an answer!”

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

What this will depend on is what type of debts are contained within the business. While some debts simply die with the business, there are some that a director is personally responsible for. These include any personal guarantees that you may have signed, oustanding GST, and a portion of any outstanding payroll remittances.

So if you have these kinds of debts a corporate bankruptcy will not really be of much help with things and you may have to look at something personal to deal with the situation.