Hello,
I am the director and primary shareholder of a small corporation. I have put a significant amount of my personal money in to the business to keep the doors open. The result is that I am liekly going to have to go personally bankrupt. As a director will I still be held liable for CRA debt incurred by the business despite having put this money into the company (i.e. is director’s liability forgiven)?
At May 23, 2008 |
3:21 pm
, Barton Goth GCO Bankruptcy Trustees Said...
As a director of a limited company you will be for the following debts:
1. Any personal guarantees signed;
2. Wages of employees;
3. Source Deductions – Officers and directors are personally liable for unpaid source deductions;
4. GST & Provincial Sales tax.
Unfortunately there is no allwowance or consideration given for money you have invested or loaned to the company.
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