Bankruptcy And Operating A Business

2009-10-14   minute read

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

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