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Alberta bankruptcy Q&A forum

Question:

 

My daughter and son-in-law live in Alberta. He has an incorporated company. The business has no assets; he is a general laborer. He is the sole director of the business. Unfortunately a couple of years ago he was injured and found out then he didn't have the proper injury insurance. Consequently I had to help them financially for almost a year just to cover their expenses; mortgage, etc. They got behind with a credit card, bank loan and CRA. In Alberta, in order to get WCB (workers comp) he has to be incorporated. They have been told that if they go personally bankrupt he cannot be a director of his company which we think means he loses his WCB and can't get work. They have tried negotiating with the bank (CRA is no problem) but it seems they are pushing for them to go bankrupt to close the file. The monthly payments are more each time they go back and unrealistic. Any thoughts on this because they don't know what to do.


From:

 

Grant Thornton Limited

Date:

 

Jul 07, 2017

Answer:

 

Hello, If the company is viable and your son in law would like to continue operations then perhaps he can consider stepping down as director and allowing someone else to take on the role while he is in bankruptcy. You do need to ensure that the person acting as director understand the risks and liabilities of the role. I would suggest that either you or your son in law contact our office to discuss the situation in detail or to review the options with a lawyer. Please call 310-8888 to speak to one of our professionals.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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