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Bankruptcy Calgary Edmonton Q&A Forum



hello my business partner and I started a company in 2010 as the years went by more debt to the cra is incurred now I have stared a new company doing the same thing but the right way. as well as my partner but he put the company under his spouses name what can we do to close the existing company ? can we go bankrupt and what does bankruptcy take care of (ie creditors , CRA...



Grant Thornton Limited



Dec 07, 2015



David, A company cannot be dissolved if there are outstanding debts. A corporate bankruptcy will include all liabilities of the company. However, if you are a director, you are still exposed to personal guarantees and director liabilities such as GST and source deductions. A corporate bankruptcy may not be necessary if there are no assets of the company. I would suggest that you contact our office to discuss the current status of the company and its options.

Susan Methuen
T 403-310-8888


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