2009-10-14
The answer to this question depends on the type of business you are operating. If you are a sole-proprietor (essentially operating a business under your own name), then you would still be allowed to operate it if you filed for bankruptcy. If you were the director of an incorporated business, most provinces have provincial company acts that require you to resign as a director of the company (for the period that you are an undischarged bankrupt). Therefore, if you have another person who is willing to take on the role of being a director of the company, and your ownership in the company is not a significant asset that the trustee must take from you, then there is a good chance that you would be able to continue to operate the business. There are a number of variables that may affect your specific situation. I would suggest that you contact a trustee from Meyers Norris Penny in your local area if you wish to pursue this matter further. Wendy McMurtrie Meyers Norris Penny Limited - British Columbia Phone: 778-571-3520
2025-06-19
With the school year beginning and thousands of Canadian students beginning a new semester of post-secondary studies, all those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing, and supplies.
2025-06-18
The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.
2025-06-16
Bankruptcy Alternatives to Bankruptcy
Let’s review what a Consumer Proposal is, as well as the pros and cons of filing a Proposal, to help you determine if it’s the right solution for your unique situation.
