I think I need to file for bankruptcy, currently I owe 75,000 in payroll, taxes and GST. What I really want to do is close my existing business, open a new one (I have a new business idea that is not related to my current business at all) and I was wondering if I claim bankruptcy, can I open a new business before I claim ? Will it be impacted by a bankruptc? Does it make a difference if I incorporate it and then claim bankruptcy?
Business bankruptcy
Posted on Friday, March 9, 2007
posted by Questions @ 10:28 am
1 Expert Comment:
At March 9, 2007 |
10:39 am
, Barton Goth, GCO, Bankruptcy Trustees Said...
While in bankruptcy there are a few restrictions you need to be aware of. Most importantly, while in bankruptcy you cannot be the director of a limited corporation. If your company is not a corporation, there are still a number of issues to be considered, but it is possible to go bankrupt and continue operating your business.
This is a complicated area, so you contact a licensed trustee to get advice on how best to handle your situation.
Please type your comment below:You must be logged in to post a comment.
