If your business is incorporated, then legally the business is a separate entity and its assets are owned by the business. In this case the incorporated company can go bankrupt if it cannot meet its financial obligations.
There are many important things to consider when filing bankruptcy, and whatever decision you make, you’ll have to live with both positive and negative consequences. How is Corporate Bankruptcy different than personal bankruptcy?
Every business is unique with its own issues and complexities. Therefore it's hard for me to give advice on bankruptcy without knowing your specific situation. We recommend that you review your situation with one of our licensed insolvency trustees.
This year the deadlines for filing your 2017 tax return are as follows: April 30, 2018 for personal returns and June 15, 2018 for self-employed persons. Keep in mind, however, that any tax owing must still be paid by April 30, 2018.
Filing for bankruptcy is never an easy decision. There are many important things to consider and whatever decision you make, you’ll have to live with both positive and negative consequences.
If you have concerns about your business’ finances, you should consult a Licensed Insolvency Trustee as early as possible.