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July 2016

Business bankruptcy exemptions- What gets seized, and what you keep

When an unincorporated business files for bankruptcy, the situation plays out in essentially the same way as a personal bankruptcy. Unlike a corporation in which an owner's personal assets are typically out of reach from creditors, bankruptcy involving a sole proprietorship or partnership puts an owner's personal property at risk for seizure and liquidation in order to satisfy outstanding debts. However, exceptions do exist.

Bankruptcy offences - Two recent cases result in criminal charges, a third affirms the sentence on appeal

Although designed with honest but unfortunate debtors in mind, Canada's bankruptcy regime is sometimes misused by those with less-than-honourable intent. While misconduct in bankruptcy rarely results in criminal charges, the activity of the Integrated Bankruptcy Enforcement Unit could mean that we may see an increased number of bankruptcy fraud cases detected and prosecuted in the coming years.

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