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What happens to my lease if i file bankruptcy for my LTD company?

I have a lease signed for 2 years. Unfortuantely my LTD company is not doing well and i may have to file for bankruptcy. Can the owner sue me even though i don’t have any assets to pay the rent with?

Posted from: Ontario

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One Response to “What happens to my lease if i file bankruptcy for my LTD company?”

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

It is difficult to determine what it is you are asking, but the question may not make much difference. As none of your unsecured creditors has the ability to sue you for collection of these debts after a bankruptcy has been filed. But if a bankruptcy has not been filed your creditors retain the ability to sue regardless of the presence of assets or income. Now practially they may not be able to enforce the collection of any court judgement, but they still retain the right to sue for collection.