I have an incorporated business and I owe significant amounts of GST, QST, and income tax that I cannot pay. I know I am personally responsible for these amounts, so I plan to file for personal bankruptcy. I am not keeping the business. My question is: do I need to complete the business's accounting, which is several years behind, in order to then close it down? Or can I hand everything over as is? Do I need to file for business bankruptcy?
If you file for personal bankruptcy, you do not have to file for bankruptcy or date your company.
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