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buisness owner

I own a Ltd. company. I am wanting to go personal bankrupt but am told I would need to resign as director. Do I have to transfer the company to someone or can I appoint a new director and then resign as a director myself? What would be the easiest and most reasonable way to do this?

Posted from: British Columbia

One Response to “buisness owner”

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

You do not need to transfer the whole company, in fact you shouldn’t transfer your ownership of the company without first talking to a trustee as this can end up causing you some significant difficultes. But you would have no trouble resigning as director and appointing someone else. The legislation states you cannot be a director of an incorporated or limited entity, so as long as somone else is listed as director and you are fine.