Looking for an answer!

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


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.

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