Bankruptcy and divorce

Author:

Anonymous

Date:

Sept 6, 2007

Question:

about 2 1/2 years ago we were discharged from a bankruptcy that included my husband, myself and the business he had at the time. Now he owes quite a lot of business taxes and I am wondering what happens options there are if he cannot pay them. What happens if we dissolve the business? He is a shareholder of 55% and the director of the business, I am a shareholder of 45%. The business owns 2 vehicles and that is about it. It is a small 'contractor' business. Please let me know what options there are! I am concerned about them coming after our wages for the taxes etc...can this happen? I don't think we should have our own business... it's what caused our first bankruptcy!! Thank you.

From:

Vanessa, Grant Thornton Alger Inc.

Date:

September 12, 2007

Answer:

Please contact our office, or if you are not in Alberta, a Trustee in your area of residence, to discuss your situation and options, which may include filing an informal or formal proposal to your creditors or bankruptcy. As the director of the corporation, your husband may be personally liable for certain liabilities, such as oustanidng GST and employee source deductions. We can review your situation and give you all the information to allow you to make the right decision for you.

Vanessa Grant
phone: (403) 296-2977

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