There are various phases someone declaring bankruptcy must go through. It involves the following:

–       Find a licensed trustee (licensed by the Office of the Superintendent of Bankruptcy, OSB) to talk over your possibilities.

–       Fill out the proper forms with the trustee so they can file them for you with the OSB.

–       Any property, investments or assets will be sold by the trustee. In addition, you will have to pay the trustee a determined amount depending on your particular financial situation.

–       All institutions with which you have a debt will be notified about the bankruptcy claim by your trustee.

–       In some cases, it is necessary to meet with creditors so that they may determine how they could receive payment for the debt owed to them.

–       You may be requested to go to the OSB for questioning about your actions that lead to extensive debt and therefore bankruptcy.

–       There will also be two sessions with a counselor to go over the actions that lead you into debt with the intention of preventing future financial problems of this nature.

–       The trustee must also put together a summary of actions you took during the bankruptcy process and submit this to the OSB.

–       There may be an official hearing to make the bankruptcy official.

Lastly, the debt you owe that qualifies to be wiped away with bankruptcy will be legally discharged.

The mailing address and local telephone and fax number for the British Columbia office of the Superintendent of Bankruptcy Canada (OSB) is as follows:

300 Georgia Street W, Suite 2000
Vancouver, British Columbia
V6B 6E1, Canada

Toll-Free Number: 1-877-376-9902
Fax: 604-666-4610

The mailing address and local telephone and fax number for the Manitoba office of the Superintendent of Bankruptcy Canada (OSB) is as follows:

400 St. Mary Avenue, 4^th Floor
Winnipeg, Manitoba, R3C 4K5
Canada

Toll-Free Number: 1-877-376-9902
Fax: 204-983-8904

The mailing address and local telephone and fax number for the Nova Scotia office of the Superintendent of Bankruptcy Canada (OSB) is as follows:

Maritime Centre
1505 Barrington Street, 16^th Floor
Halifax, Nova Scotia, B3J 3K5
Canada

Toll-Free Number: 1-877-376-9902
Fax: 902-426-7275

The mailing address and local telephone and fax number for the Ontario office of the Superintendent of Bankruptcy Canada (OSB) is as follows:

Place Bell Building
160 Elgin Street, 11^thFloor, Suite B-100
Ottawa, Ontario, K2P 2P7
Canada

Toll-Free Number: 1-877-376-9902
Fax: 613-996-0949

25 St. Clair Avenue E, 6^th Floor
Toronto, Ontario, M4T 1M2
Canada

Toll-Free Number: 1-877-376-9902
Fax: 416-973-7440

Federal Building
55 Bay Street N, 9^thFloor
Hamilton, Ontario, L8R 3P7
Canada

Toll-Free Number: 1-877-376-9902
Fax: 905-572-4066

Federal Building
451 Talbot Street, Suite 303
London, Ontario, N6A 5C9
Canada

Toll-Free Number: 1-877-376-9902
Fax: 519-645-5139

The mailing address and local telephone and fax number for the Saskatchewan office of the Superintendent of Bankruptcy Canada (OSB) is as follows:

1945 Hamilton Street, Suite 600
Regina, Saskatchewan
S4P 2C7, Canada

Toll-Free Number: 1-877-376-9902
Fax: 306-780-6947

123 Second Avenue S, 7^thFloor
Saskatoon, Saskatchewan
S7K 7E6, Canada

Toll-Free Number: 1-877-376-9902
Fax: 306-975-5317

Depending on what type of business structure you have, bankruptcy will affect you differently.

If you have a sole proprietorship and file for bankruptcy, the business will be seen as a separate venture from the day the bankruptcy goes into effect, and you will have to get a new business number and set up new accounts with the Canada Revenue Agency.

When you are part of a Partnership with only two people and either one of the two members file for bankruptcy, the original partnership ceases to exist. In the case that there are multiple members, the business continues but some sort of deal must be reached to handle the bankruptcy.

Corporations are considered a separate entity and, if the corporation declares bankruptcy, it can no longer exist.  A corporation can only keep running if it pays all of its debts when in the process of declaring bankruptcy.

This depends on what type of business you have. If it is a partnership with multiple partners, then the business will continue as normal after an arrangement is worked out with the partner going bankrupt – meaning the GST/HST accounts will not be affected.

However, if you have a sole proprietorship or corporation that will cease to exist after bankruptcy, you must put up to date your tax returns and any due payments, then you can file Form RC145, Request to close business number accounts (BN) with your tax services office or by calling 1-800-959-5525.