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Phone: (604) 605-3335  Toll Free: (888) 850-6585

 

 

Boale, Wood and Company

Boale, Wood and Company

Licensed Insolvency Trustee

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Operating a business and bankruptcy

January 8, 2013 by David Wood

How can I still operate my business if I am bankrupt?

It depends on the circumstances.

If you operate and earn a living as a proprietorship, as opposed to a limited company, the vast majority of proprietors continue operating after bankruptcy.  However there may be a requirement to disclose the bankruptcy in certain circumstances.

If you have been earning a living through an incorporated business, an individual bankrupt is precluded from acting as a director of an incorporated company pursuant to applicable provincial or federal law. As well, a bankrupt’s shares in the incorporated company are not exempt property and those shares vest in the Trustee upon filing for bankruptcy.  Sometimes these issues can be resolved such that a bankrupt can continue operating the same corporation.

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Phone: (604) 605-3335
Toll Free: (888) 850-6585
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We have offices located in Vancouver and Surrey.  We also provide services to residents and businesses in the Yukon Territory.

 

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