December 6th, 2009 by Questions
If I claim bankruptcy on a small incorporated business, does it affect me personally? I am 100% share holder.
Posted from: New Brunswick
December 07, 2009 at 8:48 am, 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.
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