Business Debts
A company can have important financial obligations when it is experiencing financial problems.
How it works
A company’s financial problems can have major consequences for its directors and officers, even if the company is incorporated. Financial institutions will usually require them to be personally responsible for a debt owed by the company. Moreover, the law holds a company’s director personally liable for up to six months of unpaid wages, as well as unremitted sales tax, payroll deductions, CNESST premiums and, in certain cases, taxes owed by the company.
Possible solutions
When a company decides to restructure itself, close attention must be given to the consequences on directors’ and shareholders’ responsibilities. Different options will have different impacts. These can be discussed and assessed right from the start.
If restructuring is not possible, bankruptcy will be the only solution. Directors and officers should also seek advice about their personal finances, because not only will they lose their livelihoods, they will also be responsible for part of the company’s debts. These debts, however, can be included in a consumer proposal or bankruptcy.
Read real-life stories
Debt problems could happen to anyone. Read about people like you and see how they pulled through
Our debt solutions
Based on your situation and needs, there are different solutions that can help you regain your financial stability.
Debt Consolidation
Find out how to merge all your payments into one monthly installment and keep your credit score intact.
Consumer Proposal
Discover how to offer your creditors a lower settlement based on your ability to repay.
Personal Bankruptcy
Discover how personal bankruptcy can put an end to your financial difficulties and debt problems.
Get a financial health checkup
With just a few questions, get an idea on the health of your personal finances.