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Creditors of your company are entitled to share in any assets the company holds. Oftentimes there are secured creditors who hold a security interest in corporate assets and will seize them to settle their debt or in the event CRA is owed GST or Source deductions, you will find they will take action against the assets. If there are no assets then you need to close your doors and do all the final income reporting to CRA because directors are required to do so. How this matter affects you personally is if you have signed personal guarantees for corporate debt or if you owe GST or Source Deductions there is an automatic directors liability. Karen Rideout
phone: (403) 296-2973
krideout@alger.ca |
