Bankruptcy Question & Answer Forum - Canada

Author:		Pat
Date:		April 19, 2005
Question:		Let's assume that one's company is heading for bankruptcy in the next six months. At present, the company's funds are so depleted that you are faced with the dilemma of paying either CRA or Workers Compensation as there will only be enough money left to pay one or the other after the employees have been paid. With regards to weighing the consequences of late payments to both organization including the monetary costs, trust obligations and liability. Which would you pay?
From:		Ann Clarke, Alger & Associates Inc.
Date:		April 20, 2005
Answer:		I'm unable to advise you in this matter and suggest you consult with your accountant or lawyer. Ann Clarke phone: (403) 296-2972 aclarke@alger.ca