Comments on: is a corporate bankruptcy necessary? http://www.bankruptcy-edmonton.com/bankruptcy/2008/10/is-a-corporate-bankruptcy-necessary.html Bankruptcy Edmonton Tue, 07 Feb 2012 15:47:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Barton Goth, Trustee in Bankruptcy http://www.bankruptcy-edmonton.com/bankruptcy/2008/10/is-a-corporate-bankruptcy-necessary.html/comment-page-1#comment-279 Barton Goth, Trustee in Bankruptcy Fri, 31 Oct 2008 15:43:56 +0000 http://www.bankruptcy-edmonton.com/bankruptcy/2008/10/is-a-corporate-bankruptcy-necessary.html#comment-279 From the sounds of it a corporat bankruptcy may not be necessary. Largely the purpose behind a corporate bankruptcy is to distribute the remaining assets of the corporation amoung the creditors in a fair and reasonable fashion. IF there is no corporate property there is largely no point. Of course you would need to come in and we can look at this in a little more depth to determine if this is infact the case, but my guess is that you will need to look at things personally as you may have a component of the tax debt that you are responsible for personally, if there was a guarantee on the line of credit you may have to deal with that personally, but these things would occur regardless whether the corporation was placed into bankruptcy or not. From the sounds of it a corporat bankruptcy may not be necessary. Largely the purpose behind a corporate bankruptcy is to distribute the remaining assets of the corporation amoung the creditors in a fair and reasonable fashion. IF there is no corporate property there is largely no point.

Of course you would need to come in and we can look at this in a little more depth to determine if this is infact the case, but my guess is that you will need to look at things personally as you may have a component of the tax debt that you are responsible for personally, if there was a guarantee on the line of credit you may have to deal with that personally, but these things would occur regardless whether the corporation was placed into bankruptcy or not.

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