2025-09-04
Will Bankruptcy Erase All Of My Debt?
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
Shares In A Corporation Owned By A Bankrupt
2008-07-18
Hello, Shares in a corporation owned by an individual are not an exempt asset. This means that they become an asset of the bankruptcy and the trustee will deal with them. Assuming that the shares have value (and that is not always easy to determine, of course) the trustee will attempt to sell the shares for their fair market value. Usually, that means contacting the other shareholders to see if they wish to buy the shares, but a trustee can also sell the shares back to the bankrupt (as they can with any asset), as long as the price is fair. If the Trustee is not able to sell the shares, or the shares have no value, they will eventually revert back to the bankrupt, once the bankruptcy is completed. If this explanation is not sufficient, or you have other questions, please do not hesitate to give me a call at 306-790-7904. Ian Schofield MNP Regina
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