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Alger Bankruptcy Services


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Edmonton, Calgary bankruptcy Q&A forum

Author:

 

Frank

Question:

 

Hi - I became a shareholder and director of a federal corporation a long while back. the books were a mess and being naive - i purchased it (8 years ago) and just continued doing business under a new properly managed corp. I've never been harassed or have had any requests to file for it. It's a bit of a sh*&T show... I'd like to bankrupt the corp. There are no monies in trust owing. All GST paid up and it never had employees. It made losses but we never filed. I'm afraid to awaken this monster.. but i'd like to close things up. Can I bankrupt the company and wash my hands of it?



From:

 

Alger & Associates Inc.

Date:

 

May 14, 2013

Answer:

 

Frank In order to put this corporation into bankruptcy it would need to be insolvent. The information you have provided isn't sufficient to determine if that is the case in this instance. I can also advise that it would be a requirement that you file the outstanding returns etc as part of the process in addition to paying the cost of a corporate bankruptcy which would not be insignificant. Thanks for the question

Marie Kozlowski
T 403-296-3082
Marie.Kozlowski@ca.gt.com

 

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