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The Difference Between Corporate And Personal Bankruptcy
2009-12-28
No, not really. The process is generally the same for either a corporate and a personal bankruptcy, although the corporate ones are often more complex. The only real difference is that an individual person eventually gets a discharge - a release from the debts they owed when they filed, whereas a corporation never gets released from bankruptcy. I should note, however, that many large corporations are reorganized under the Companies' Creditors Arrangements Act ("CCAA"). This process is quite different from that found in the normal bankruptcy act. Ian Schofield MNP Regina 306-790-7904
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