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Need advice for small business Canada

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    Need advice for small business Canada

    First I have a small store selling children's wear, I have been in business 17 years, I went from 4 stores to now 1. I owe money to suppliers but dont owe the bank. I have a line of credit attached to the business account that is not in use for $60,000. Secured by me personally. If i use this I will have no way of repaying it. The company is incorperated. Can suppliers have access to the line of credit? I would like to walk away and give the Landlord his keys.
    If I use the line of credit it is not enough to pay my debts so I'm gone any way. I was told that suppliers can not do much if a company has no money.

    Any advice. I'm also a single Mom and do not want any additional debts.

    #2
    I don't know too much about Canada law, but I doubt they can attach a credit account. Leaving the business as solvent or equal instead in the red would be good in my opinion. I would close that line of credit as a zero balance now just for peace of mind. 'Hub
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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      #3
      byrequest, this forum deals with bankruptcy in the United States. Canada has a completely different bankruptcy system of laws, so I regret to say our members won't be able to help with your specific questions

      However, here are a few Canadian bankruptcy websites that you may find helpful:


      Bankruptcy Canada is your one-stop resource for getting help with bankruptcy and accessing the bankruptcy info you need to get out of debt.

      Bankruptcy Canada is a Licensed Insolvency Trustee (Bankruptcy Trustee) providing Consumer Proposal, Bankruptcy & Debt Relief Services


      No matter where you live, it's time for you to set up initial consultations with 3-4 Canadian bankruptcy lawyers in your local area. Especially with a business involved, you need reliable legal advice before doing anything that accidentally might hurt your case.

      Good luck! I hope you find the answers you need quickly.
      I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

      06/01/06 - Filed Ch 13
      06/28/06 - 341 Meeting
      07/18/06 - Confirmation Hearing - not confirmed, 3 objections
      10/05/06 - Hearing to resolve 2 trustee objections
      01/24/07 - Judge dismisses mortgage company objection
      09/27/07 - Confirmed at last!
      06/10/11 - Trustee confirms all payments made
      08/10/11 - DISCHARGED !

      10/02/11 - CASE CLOSED
      Countdown: 60 months paid, 0 months to go

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